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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly) -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (852)	10/2/1998 5:39:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 1722

Monsanto, American Home Merger on Track, Person Familiar Says Bloomberg News October 2, 1998, 5:13 p.m. ET Monsanto, American Home Merger on Track, Person Familiar Says St. Louis, Oct. 2 (Bloomberg) -- The proposed $35 billion merger between Monsanto Co., one of the world's leading agricultural companies, and American Home Products Corp., a leading drug company, is still on track, a person familiar with Monsanto's negotiators said. St. Louis-based Monsanto's shares fell 2 1/8 to 52 in trading of 9.9 million shares, more than four times the recent daily average, after earlier falling as low as 46 3/6 amid speculation the merger would be delayed or called off. AHP shares fell 1/4 to 50 3/4. Speculation had been building through the week as investors became concerned that the companies were taking an unusually long time to release their merger proxy document. It was fueled by an unconfirmed report in a Washington-based newsletter claiming the merger could require Monsanto to shed a large number of assets. ''The nervous nellies fell into the bear trap,'' said David Saks, an analyst at Gruntal & Co., who has a ''strong buy'' recommendation on AHP. ''By the end of the day, the merger will still be on.'' Monsanto had intended to hold a meeting for its shareholders about the merger ''no later than October 1, 1998,'' according to a filing with the Securities and Exchange Commission. --Toni Clarke in the Chicago newsroom (312) 692-3725 with