Sanofi-Synthelabo to make 50-billion-euro hostile bid for Aventis: source

0 Comments | AFP, January, 2004

PARIS (AFP) — French pharmaceutical group Sanofi-Synthelabo was set to launch a hostile 50-billion-euro (63-billion-dollar) bid for its Franco-German rival Aventis, a move which would create the third-largest company in the sector, an informed source told AFP.

The massive offer, one of the biggest in French corporate history, was approved unanimously by the Sanofi board in late night talks on Sunday.

The offer will consist of 80 percent in shares and 20 percent in cash, said the source close to the talks.

According to latest stock market figures, Aventis is currently valued at 46.3 billion euros.

A takeover by Sanofi-Synthelabo, less than a third of the size of Aventis in terms of turnover, would create the third-largest pharmaceutical group in the...