sc13dza
 

 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. 6 )

SCHERING AKTIENGESELLSCHAFT
(Name of Issuer)
Ordinary Shares, no par value
(Title of Class of Securities)
DE0007172009
(CUSIP Number)
American Depositary Shares
(each representing one Ordinary Share)
(Title of Class of Securities)

806585204
(CUSIP Number of Class of Securities)

Dr. Roland Hartwig
Bayer Aktiengesellschaft
Bayerwerk, Gebäude W11
Kaiser-Wilhelm-Allee
51368 Leverkusen
Germany
+ 49 (214) 3081195
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications on Behalf of the Person(s) Filing Statement)

With copies to:

Ward A. Greenberg
Cleary Gottlieb Steen & Hamilton LLP
Neue Mainzer Strasse 52
60311 Frankfurt am Main
Germany
+49 69 97103 0
September 8, 2006
(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 
 

 

                     
CUSIP No.
  
DE0007172009, 806585204  

 

           
1   NAMES OF REPORTING PERSONS:

Dritte BV GmbH
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
 
 
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY:
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS):
   
  AF
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e):
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  Federal Republic of Germany
       
  7   SOLE VOTING POWER:
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   181,553,299
       
EACH 9   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER:
     
    181,553,299
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  181,553,299
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  95.112%(1)
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
  OO
 
(1)   The calculation of the foregoing percentage is based on 190,883,600 outstanding bearer shares (“Shares”) with no par value of Schering Aktiengesellschaft (“Schering AG”), including Shares represented by American Depositary Shares (“ADSs”).

 

                     
CUSIP No.
  
DE0007172009, 806585204  

 

           
1   NAMES OF REPORTING PERSONS:

Bayer Aktiengesellschaft
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
 
 
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)   o 
  (b)   o 
     
3   SEC USE ONLY:
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS):
   
  WC, BK, OO
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e):
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  Federal Republic of Germany
       
  7   SOLE VOTING POWER:
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   181,553,299
       
EACH 9   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER:
     
    181,553,299
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  181,553,299
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  95.112%(2)
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
  OO
 
(2)   The calculation of the foregoing percentage is based on 190,883,600 outstanding Shares, including Shares represented by ADSs.

 

     This Amendment No. 6 amends and supplements the statement on Schedule 13D, filed with the Securities and Exchange Commission (the “SEC”) on June 19, 2006 (as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4 and Amendment No. 5 and as may be further amended from time to time, the “Schedule 13D”), with respect to the outstanding bearer shares with no par value (“Shares”), including Shares represented by American Depositary Shares (“ADSs”), of Schering Aktiengesellschaft, a German stock corporation (“Schering AG”). Each item below amends and supplements the information disclosed under the corresponding item of the Schedule 13D. Unless otherwise indicated herein, terms used but not defined in this Amendment No. 6 shall have the same respective meanings herein as are ascribed to such terms in the Schedule 13D.
Item 2. Identity and Background
     Item 2 of the Schedule 13D is hereby amended by supplementing it with the following:
     From 12:00 p.m. New York time on July 12, 2006 through 12:00 p.m. New York time on September 8, 2006, Purchaser acquired 5,006,818 Shares (including Shares represented by ADSs).
Item 3. Source and Amount of Funds or Other Consideration
     Item 3 of the Schedule 13D is hereby amended by deleting the lead-in sentence thereof and replacing it with the following:
     The aggregate purchase price of EUR 16,006,090,678 for the acquisition of the 181,553,299 Shares (including Shares represented by ADSs) beneficially owned by the Reporting Persons was funded, as follows:
Item 4. Purpose of Transaction
     The section entitled “Supervisory Board” of Item 4 of the Schedule 13D is hereby amended by supplementing it with the following new paragraph:
As a result of the acquisition of the majority of Shares by the Reporting Persons, all shareholder representatives, with exception of two, have resigned their offices with effect as of the end of the extraordinary general meeting of Schering AG at which the shareholders of Schering AG will be asked to vote on the Domination Agreement between Schering AG and the Purchaser (described below) to be held on September 13, 2006. As a consequence, six new shareholder representatives will be elected at such extraordinary general meeting of Schering AG.
     The section entitled “Domination Agreement” of Item 4 of the Schedule 13D is hereby replaced in its entirety with the following new paragraph:
On July 31, 2006 Purchaser and Schering AG entered into a domination and profit and loss transfer agreement (the “Domination Agreement”), with the Purchaser as the “controlling company” and Schering AG as the “controlled company.” Effectiveness of the Domination Agreement requires, among other things, the consent of at least 75% of the represented share capital at a general shareholders meeting of Schering AG. An extraordinary general shareholders meeting of Schering AG to vote on the Domination Agreement has been called for September 13, 2006. The affirmative vote of Schering’s shareholders on the Domination Agreement is assured since the Purchaser holds more than 75% of the Shares. After the affirmative vote at the general shareholders’ meeting, the Domination Agreement will become effective upon registration in the commercial register. Once the Domination Agreement is effective, the Purchaser, and indirectly Bayer AG, will be authorized to issue binding orders to the management board of Schering AG and would thereby control the management of Schering AG’s business affairs. Pursuant to the Domination Agreement Schering AG has agreed to submit itself to the direction of, and to transfer its entire profits to, the Purchaser and the Purchaser agreed to compensate Schering AG for any annual net losses (Jahresfehlbetrag) incurred

 

 

during the term of the Domination Agreement. Pursuant to applicable German law and the terms of the Domination Agreement, the Purchaser is obligated, upon the Domination Agreement becoming effective, to offer to acquire all outstanding Shares owned by any minority shareholders (aussenstehende Aktionäre) at their request in return for payment of “fair cash compensation” (angemessene Barabfindung). The amount of this fair cash compensation, which has been determined in accordance with applicable German law, will be EUR89.00 per Share. Further, under applicable German law and the terms of the Domination Agreement, for as long as the Domination Agreement remains in effect, any minority shareholders who have not elected to sell their Shares to the Purchaser pursuant to the mandatory offer described above, will be entitled to receive recurring payments (Ausgleich) in proportion to their share in the share capital of Schering AG (the “Guaranteed Fixed Annual Dividend”) in lieu of any other future dividend. The annual amount of the Guaranteed Fixed Annual Dividend, which has been determined in accordance with applicable German law, will be EUR4.60 per Share (less certain corporate taxes).
     The section entitled “Delisting and Deregistration” of Item 4 of the Schedule 13D is hereby replaced in its entirety with the following new paragraphs:
The Reporting Persons currently intend to cause Schering AG to apply for a revocation of the admission of Schering AG securities on the Swiss stock exchange. In addition, the Reporting Persons currently intend to cause Schering AG to delist the ADSs from the New York Stock. The Reporting Persons may cause Schering AG to apply for a revocation of the admission of Schering AG securities from the various German stock exchanges on which they are currently traded. The application for delisting from the German stock exchanges will require Schering shareholder approval (which is assured since the Reporting Persons hold more than 95% of the Shares) and the payment of “fair cash compensation” to be determined in accordance with German law.
The Shares and ADSs are currently registered under the Exchange Act. The Reporting Persons currently intend to deregister the Shares and the ADSs to the extent that such deregistration is permissible under the Exchange Act. Deregistration of the Shares and ADSs would substantially reduce the information required to be furnished by Schering AG to holders of Shares and ADSs and to the SEC under the Exchange Act and would make certain provisions of the Exchange Act inapplicable to Schering AG and the Shares and ADSs.
     The section entitled “Exclusion of Minority Shareholders” of Item 4 of the Schedule 13D is hereby replaced in its entirety with the following new paragraph:
The Purchaser has acquired more than 95% of the Shares enabling it to effect a “squeeze-out,” or forced transfer of the Shares (including Shares represented by ADSs) held by any minority shareholders to the Purchaser, in exchange for “fair cash compensation” to be determined in accordance with German law. The Reporting Persons currently intend to effect a squeeze-out. A squeeze-out is effected by shareholder resolution by a simple majority of the votes cast at a general shareholders meeting, which would be assured due to the Purchaser’s majority ownership. Such a shareholder resolution would be binding upon the remaining minority holders of Shares (including Shares represented by ADSs), and no holder could choose to remain a securityholder of Schering AG. Instead, the remaining Schering AG securityholders would only have a right to receive “fair cash compensation,” and their Schering AG securities would no longer represent an equity interest in Schering AG, but only such right to such compensation. Upon completion of the squeeze-out, the stock exchange listings of Schering AG securities, and the registration of Schering AG securities under the Exchange Act, to the extent not previously terminated, would be terminated.
     The section entitled “Mandatory Offer” of Item 4 of the Schedule 13D is hereby deleted in its entirety.

 

 

Item 5. Interest in Securities of the Issuer
     The information set forth in Item 5 of the Schedule 13D is hereby deleted and restated in its entirety as follows:
     (a) and (b)—The information contained on the cover pages of this Schedule 13D is incorporated herein by reference. Purchaser is the direct beneficial owner of 181,553,299 Shares as of 12:00 p.m. New York time on September 8, 2006, representing approximately 95.112% of all Shares (including Shares represented by ADSs) outstanding.
     Bayer AG, as the holder of all equity interests in Purchaser, has the power to vote and dispose of securities held by Purchaser, and therefore may be deemed to have shared voting and dispositive power over the Shares beneficially owned by Purchaser.
     Except as described above, none of the Reporting Persons nor, to the knowledge of the Reporting Persons, any person named in Item 2 hereof has beneficial ownership of any Shares, including Shares represented by ADSs.
     (c)—From 9:00 a.m. New York time on June 9, 2006 through 12:00 p.m. New York time on September 8, 2006, Purchaser acquired 181,553,299 Shares. Except as described in this Schedule 13D, pursuant to the Tender Agreement or as otherwise set forth on Schedule C, none of the Reporting Persons nor, to the knowledge of the Reporting Persons, any person named in Item 2 hereof has engaged in any transaction during the past 60 days in any Shares, including Shares represented by ADSs.
     (d)—Not applicable.
     (e)—Not applicable.
Schedule C
     Schedule C of the Schedule 13D is hereby amended as follows:
     1. The following information is added to the end of the table of purchases made by the Reporting Persons and the persons named in Item 2 of this Schedule 13D in the open market during the past 60 days:
             
        Number of   Price per
        Shares   Share or
Name   Date   or ADS   ADS
Purchaser
  August 18, 2006   6,082   EUR 89.93
Purchaser
  August 18, 2006   6,241   EUR 89.96
Purchaser
  August 18, 2006   1,388   EUR 89.98
Purchaser
  August 18, 2006   2,838   EUR 90.00
Purchaser
  August 18, 2006   1,532   EUR 90.03
Purchaser
  August 18, 2006   3,918   EUR 90.04
Purchaser
  August 18, 2006   4,500   EUR 90.09
Purchaser
  August 21, 2006   328   EUR 89.98
Purchaser
  August 21, 2006   2,895   EUR 90.00
Purchaser
  August 21, 2006   3,981   EUR 90.04
Purchaser
  August 21, 2006   352   EUR 90.05
Purchaser
  August 21, 2006   232   EUR 90.07
Purchaser
  August 21, 2006   4,071   EUR 90.10
Purchaser
  August 22, 2006   3,000   EUR 90.10
Purchaser
  August 23, 2006   243   EUR 90.39
Purchaser
  August 23, 2006   14   EUR 90.40
Purchaser
  August 23, 2006   637   EUR 90.41
Purchaser
  August 23, 2006   300   EUR 90.42
Purchaser
  August 23, 2006   434   EUR 90.44
Purchaser
  August 23, 2006   23,722   EUR 90.45
Purchaser
  August 23, 2006   2,911   EUR 90.46
Purchaser
  August 23, 2006   5,404   EUR 90.47
Purchaser
  August 23, 2006   3,830   EUR 90.48
Purchaser
  August 23, 2006   8,163   EUR 90.49
Purchaser
  August 23, 2006   38,953   EUR 90.50
Purchaser
  August 23, 2006   601   EUR 90.51
Purchaser
  August 23, 2006   6,580   EUR 90.52
Purchaser
  August 24, 2006   204   EUR 90.43
Purchaser
  August 24, 2006   841   EUR 90.47
Purchaser
  August 24, 2006   300   EUR 90.49
Purchaser
  August 24, 2006   2,330   EUR 90.50
Purchaser
  August 25, 2006   300   EUR 90.37
Purchaser
  August 25, 2006   2,584   EUR 90.41
Purchaser
  August 25, 2006   699   EUR 90.45
Purchaser
  August 25, 2006   408   EUR 90.46
Purchaser
  August 25, 2006   3,040   EUR 90.47
Purchaser
  August 25, 2006   2,507   EUR 90.48
Purchaser
  August 25, 2006   350   EUR 90.49
Purchaser
  August 25, 2006   17,799   EUR 90.50
Purchaser
  August 28, 2006   2,407   EUR 90.40
Purchaser
  August 28, 2006   216   EUR 90.41
Purchaser
  August 28, 2006   406   EUR 90.43
Purchaser
  August 28, 2006   265   EUR 90.44
Purchaser
  August 28, 2006   379   EUR 90.45
Purchaser
  August 28, 2006   330   EUR 90.46
Purchaser
  August 28, 2006   438   EUR 90.47
Purchaser
  August 28, 2006   165   EUR 90.48
Purchaser
  August 28, 2006   100   EUR 90.49
Purchaser
  August 28, 2006   3,094   EUR 90.50
Purchaser
  August 29, 2006   17,000   EUR 90.40
Purchaser
  August 29, 2006   332   EUR 90.43
Purchaser
  August 29, 2006   9,721   EUR 90.45
Purchaser
  August 29, 2006   1,000   EUR 90.48
Purchaser
  August 29, 2006   2,000   EUR 90.50
Purchaser
  August 29, 2006   7,500   EUR 90.55
Purchaser
  August 30, 2006   758   EUR 90.35
Purchaser
  August 30, 2006   25,000   EUR 90.40
Purchaser
  August 30, 2006   34,242   EUR 90.45
Purchaser
  August 31, 2006   35,000   EUR 90.45
Purchaser
  August 31, 2006   14,502   EUR 90.50
Purchaser
  September 5, 2006   1,597   EUR 90.55
Purchaser
  September 5, 2006   14,542   EUR 90.56
Purchaser
  September 5, 2006   4,117   EUR 90.57
Purchaser
  September 5, 2006   20,958   EUR 90.58
Purchaser
  September 5, 2006   1,200   EUR 90.59
Purchaser
  September 5, 2006   18,651   EUR 90.60
Purchaser
  September 5, 2006   202   EUR 90.64
Purchaser
  September 5, 2006   20,982   EUR 90.65
Purchaser
  September 6, 2006   8,618   EUR 90.54
Purchaser
  September 6, 2006   13,978   EUR 90.55
Purchaser
  September 6, 2006   386   EUR 90.56
Purchaser
  September 6, 2006   15,723   EUR 90.58
Purchaser
  September 6, 2006   963   EUR 90.59
Purchaser
  September 6, 2006   65,534   EUR 90.60
Purchaser
  September 8, 2006   2,360   EUR 90.65
Purchaser
  September 8, 2006   12,745   EUR 90.66
Purchaser
  September 8, 2006   18,774   EUR 90.68
Purchaser
  September 8, 2006   1,500   EUR 90.69
Purchaser
  September 8, 2006   64,453   EUR 90.70
Purchaser
  September 8, 2006   12,256   EUR 90.72
Purchaser
  September 8, 2006   375   EUR 90.74
Purchaser
  September 8, 2006   327   EUR 90.76
Purchaser
  September 8, 2006   375   EUR 90.77
Purchaser
  September 8, 2006   413   EUR 90.80
Purchaser
  September 8, 2006   1,000   EUR 90.83
Purchaser
  September 8, 2006   2,360   EUR 90.85
Purchaser
  September 8, 2006   3,500   EUR 90.88
Purchaser
  September 8, 2006   100   EUR 90.89
Purchaser
  September 8, 2006   4,000   EUR 90.90
Purchaser
  September 8, 2006   4,748   EUR 91.00
Purchaser
  September 8, 2006   1,000   EUR 91.02
Purchaser
  September 8, 2006   2,300   EUR 91.20
Purchaser
  September 8, 2006   6,650   EUR 91.22
Purchaser
  September 8, 2006   1,000   EUR 91.27
Purchaser
  September 8, 2006   1,000   EUR 91.30
Purchaser
  September 8, 2006   2,326   EUR 91.33
Purchaser
  September 8, 2006   2,020   EUR 91.35
Purchaser
  September 8, 2006   1,000   EUR 91.40
Purchaser
  September 8, 2006   1,000   EUR 91.42
Purchaser
  September 8, 2006   5   EUR 91.44
Purchaser
  September 8, 2006   500   EUR 91.45
Purchaser
  September 8, 2006   1,375   EUR 91.49
Purchaser
  September 8, 2006   18,845   EUR 91.50
Purchaser
  September 8, 2006   1,000   EUR 91.53
Purchaser
  September 8, 2006   2,326   EUR 91.54
Purchaser
  September 8, 2006   2,000   EUR 91.55
Purchaser
  September 8, 2006   540   EUR 91.58
Purchaser
  September 8, 2006   3,500   EUR 91.59
Purchaser
  September 8, 2006   2,500   EUR 91.60
Purchaser
  September 8, 2006   2,326   EUR 91.61
Purchaser
  September 8, 2006   490   EUR 91.65
Purchaser
  September 8, 2006   5,000   EUR 91.66
Purchaser
  September 8, 2006   50   EUR 91.69
Purchaser
  September 8, 2006   6,644   EUR 91.70
Purchaser
  September 8, 2006   761   EUR 91.72
Purchaser
  September 8, 2006   100   EUR 91.75
Purchaser
  September 8, 2006   100   EUR 91.77
Purchaser
  September 8, 2006   2,326   EUR 91.78
Purchaser
  September 8, 2006   7,117   EUR 91.80
Purchaser
  September 8, 2006   1,060   EUR 91.90
Purchaser
  September 8, 2006   1,500   EUR 91.95
Purchaser
  September 8, 2006   4,100   EUR 92.00
Purchaser
  September 8, 2006   300   EUR 92.05
Purchaser
  September 8, 2006   1,500   EUR 92.25
Purchaser
  September 8, 2006   1,000   EUR 92.36
Purchaser
  September 8, 2006   463   EUR 92.37
Purchaser
  September 8, 2006   1,500   EUR 92.40
Purchaser
  September 8, 2006   2,326   EUR 92.47
Purchaser
  September 8, 2006   1,000   EUR 92.48
Purchaser
  September 8, 2006   1,850   EUR 92.49
Purchaser
  September 8, 2006   227   EUR 92.53
Purchaser
  September 8, 2006   44,183   EUR 92.58
Purchaser
  September 8, 2006   7,475   EUR 92.59
Purchaser
  September 8, 2006   4,226,429   EUR 92.60
Item 7. Materials to be Filed as Exhibits
     Item 7 of the Schedule 13D is hereby amended and supplemented by adding the following exhibit:
       
 
Exhibit 13
   English Convenience Translation of the Domination and Profit and Loss Transfer Agreement, dated July 31, 2006, between Schering AG and Dritte BV GmbH, incorporated herein by reference to Exhibit 99.1 of the pre-commencement Schedule TO filed by the Purchaser on August 7, 2006.

 

 

Signatures
     After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.
Dated: September 11, 2006.
             
    Bayer Aktiengesellschaft    
 
            
 
  By:   /s/ DR. ROLAND HARTWIG    
 
           
 
      Name: Dr. Roland Hartwig    
 
      Title:   General Counsel    
 
            
 
  By:   /s/ DR. ALEXANDER ROSAR    
 
           
 
      Name: Dr. Alexander Rosar    
 
      Title:   Head of Investor Relations    
 
            
    Dritte BV GmbH    
 
            
 
  By:   /s/ DR. ARMIN BUCHMEIER    
 
           
 
      Name: Dr. Armin Buchmeier    
 
      Title:   Managing Director