Sanofi strikes back in takeover battle for big Czech drug company

0 Comments | AFP, June, 2008

PRAGUE (AFP) — Czech-based generic drugs giant Zentiva was at the heart of a takeover tussle Wednesday after French group Sanofi-Aventis struck back with an offer countering a bid by local financial concern PPF.

PPF, holding a 19.2 percent stake in Zentiva, which has substantial markets in Slovakia, Romania and Turkey, launched the battle Tuesday with a 950-koruna-per-share public bid.

Main shareholder Sanofi-Aventis, holding a stake of about 25 percent, hit back Wednesday with a counter-offer of 1,050 koruna per share, which valued the company at 1.65 billion euros (2.55 billion dollars).

Zentiva said later Wednesday that it was aware of the counter-offer and the board would react after it had time to weigh all the details.

"In the meantime we...