The financial result of the Merck Group totaling €–311 million was markedly influenced by interest charges in connection with the acquisition of Serono. The Generics business was sold in the fourth quarter. Nearly all the proceeds from the disposal of €4.9 billion were used to repay loans, which led to a marked decline in interest expenses in the fourth quarter (see Consolidated Financial Statements for more details). Since a causal allocation of the financial result to the divisions is not possible, as of 2007 it is reported entirely in the segment Corporate and Other.
