20.09.2010
An oil major, a luxury cosmetics company and independent directors including a former astronaut will have a key say in what may be the next multi-billion dollar merger to shake the global pharmaceutical industry.
Sanofi-Aventis Chief Executive Chris Viehbacher wants to buy U.S. based Genzyme, which makes drugs to treat rare diseases, for $18.5 billion, but may be forced to pay more in the face of resistance from Genzyme.
more17.09.2010
Sanofi-Aventis sees a reasonable chance of buying U.S. biotech Genzyme at a fair price, but expects it will take some time to agree a deal that would further diversify the French drugmaker and strengthen its U.S. foothold.
Chief Executive Chris Viehbacher on Wednesday reiterated Sanofi would not be rushed to buy Genzyme, a specialist in rare diseases, after it rejected Sanofi's $18.5 billion non-binding cash offer at the end of August.
more13.09.2010
French drugmaker Sanofi-Aventis poured cold water on a report it had raised its offer for U.S. biotechnology company Genzyme, saying it was sticking to its bid of $18.5 billion or $69 a share. "There is one offer, at $69 a share," spokesman Jean-Marc Podvin said on Thursday. "No other offer has been made to or discussed with the Genzyme board, its management or shareholders."
more13.09.2010
U.S. biotech company Genzyme has begun laying off an unspecified number of employees, a move it said was unrelated to Sanofi-Aventis' takeover bid.
The company did not reveal the number of employees it is letting go, but The Boston Globe said Genzyme plans to cut 1,000 employees worldwide over 15 months. It cited a memo sent by Genzyme Chief Executive Henri Termeer to employees on Friday. Genzyme spokesman Bo Piela declined to confirm the figure cited in the Boston Globe.
more13.09.2010
French drugmaker Sanofi-Aventis has put together about $10 billion in loans for its $18.5 billion bid for U.S. biotech company Genzyme, Bloomberg reported on Friday, citing unnamed sources.
BNP Paribas, JPMorgan Chase and Societe Generale are backing Sanofi's bid, several sources told press representatives earlier this month.
Sanofi Chief Financial Officer Jerome Contamine has said the terms of the financing were attractive and compared favorably to some of the recent acquisition financings in the past 18 months.
more02.09.2010
U.S. biotech Genzyme, which has rejected an $18.5 billion offer from French drugmaker Sanofi-Aventis, appears to hold the upper hand in the takeover struggle, according to Geoffrey Porges, an analyst at Sanford Bernstein.
Porges, reiterating his "outperform" rating on Genzyme shares and raising his price target to $76, said he considers a sale of Genzyme as "almost inevitable" and sees a likely price of $77 to $78 a share. The Sanofi offer is $69 a share.
more02.09.2010
French oil company Total has received offers for its UK Lindsey refinery and hopes to sell it by the end of the year, Chief Executive Officer Christophe de Margerie, said on Wednesday.
more31.08.2010
U.S. biotech company Genzyme rejected an $18.5 billion buyout offer from French drugmaker Sanofi-Aventis on Monday, setting the stage for a protracted and potentially hostile takeover battle.
Genzyme Chief Executive Henri Termeer told Sanofi CEO Chris Viehbacher in a letter that his proposal of $69 a share - made public a day earlier - dramatically undervalued the U.S. company and did not justify entering talks.
more31.08.2010
Genzyme rejected an $18.5 billion takeover offer from French drugmaker Sanofi-Aventis, saying it dramatically undervalues the company. The Cambridge, Massachusetts-based biotechnology company said its board of directors met Sunday night and unanimously affirmed a previous rejection of Sanofi's proposal.
more30.08.2010
France's Sanofi-Aventis on Sunday publicly disclosed its $18.5 billion, $69-per-share cash offer for Genzyme in a bid to rouse shareholders after failing to engage the U.S. biotechnology company in merger talks. Sanofi said it is considering all options to complete the transaction, hinting it would consider a hostile takeover bid.
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