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Executive Summary

American Home Products has "not been in discussions either formally or informally with Pharmacia & Upjohn regarding an alternative business combination," AHP says in response to London Financial Times report that the company put out feelers to P&U about a potential merger if the "AmericanWarner" agreement falls through. An AHP/P&U merger would presumably put P&U CEO Fred Hassan back on track to succeed AHP CEO John Stafford. Hassan left AHP to run P&U in 1997. AHP remains officially committed to its friendly merger with Warner-Lambert, which Pfizer is contesting with a hostile takeover bid

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