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NEW YORK, Nov 3 (Reuters) - Merck & Co and Schering-Plough Corp said their $41.1 billion merger will be completed later on Tuesday, marking the close of the second huge deal in the pharmaceutical industry in recent weeks. Pfizer Inc, the world largest drugmaker, closed its roughly $67 billion acquisition of Wyeth last month. Merck said it and Schering-Plough would begin combined operations on Wednesday under the Merck name after the deal gained clearance from regulatory authorities in China and Mexico. Under the terms of the agreement, Schering-Plough shareholders will receive 0.5767 shares of the newly combined company and $10.50 in cash for each share of Schering-Plough. Each Merck common share will automatically become a common share of the newly combined company. Merck said it has appointed Wells Fargo Shareowner Services as agent to exchange the Schering-Plough common stock. Merck shares were down 75 cents, or 2.4 percent, at $30.51 in early afternoon trading on the New York Stock Exchange. Schering-Plough shares were off 32 cents, or 1.1 percent, at $28.08 in what will be its final day of trading on the NYSE. (Reporting by Bill Berkrot; Editing by Tim Dobbyn) Keywords: MERCK SCHERINGPLOUGH/ (bill.berkrot@thomsonreuters.com; +1 646 223-6030; Reuters Messaging: bill.berkrot.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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