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Merck hires three to finance €11bn biotech bid

Merck, the German pharmaceuticals company that last week bid Sfr16.6bn (€11bn) for Swiss biotech firm Serono, has appointed three banks to finance its offer.

Bear Stearns, Dresdner Kleinwort and SG Corporate and Investment Banking are arranging an €11.5bn ($15bn) loan to fund the acquisition.

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