Yes, that's right. If Schering accepts the bid, two of Germany's biggest pharmaceutical companies would merge and operate under one name. Bayer AG offered $20.01 billion, equivalent to $104.28 per share, making the other contender, Merck KGaA, abandon the takeover bidding. The impacts of this potential merger?

The planned merger of Schering AG and the Bayer pharmaceuticals division will create a new heavyweight of international standing in pharmaceutical specialty products.

It is also expected to result in the loss of some 6,000 jobs from the combined work force of about 60,000.

The combined company is to be named Bayer-Schering Pharmaceuticals and have its headquarters in Berlin.