Sanofi-Aventis bids 1.65 billion euros for control of Zentiva

Comments | AFP, July, 2008

PRAGUE (AFP) — French pharmaceutical group Sanofi-Aventis launched a bid worth 1.655 billion euros (2.6 billion dollars) for the 74.12 percent of Czech company Zentiva it does not already own on Friday.

But the Zentiva board immediately urged shareholders to wait before taking any action.

The offer, announced in Paris, is based on a price of 1,050 koruna per share which Sanofi-Aventis said represented a premium of 14.6 percent over the closing price on April 30.

The board of the takeover targeted drugs company, officially based in the the Netherlands, urged shareholders not to take any action in a short statement following publication of the French bid.

"Zentiva NV notes the official publication today by Sanofi Aventis Europe, a wholly owned...