Merck KGaA, Darmstadt, Germany, successfully placed a hybrid bond amounting to € 1.5 billion. The placement is part of the financing of the planned acquisition of Versum Materials, Inc., which was announced in April 2019.   The placement comprises two tranches, both of which have a maturity of 60 years. The first tranche amounting to €500 million pays a coupon of 1.625% and includes an early redemption option for Merck KGaA after 5.5 years. The second tranche of €1 billion pays a coupon of 2.875...