Credit Suisse has won a double role as co-adviser and backer on a friendly, €16.3bn ($19.6bn) bid by German pharmaceutical firm Bayer for local rival Schering. The offer topped a €14.9bn hostile offer from Merck, which was withdrawn this afternoon after the company refused to sweeten it.

Merck said in a statement to the Frankfurt stock exchange that a higher price for Schering could not be justified. Merck was advised by Goldman Sachs, Deutsche Bank and Bear Stearns.