The Aventis-Sanofi Merger: Role of French Government?
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Case Details:
Case Code : BSTR116
Case Length : 17 Pages
Period : 1998-2004
Organization : Aventis SA and Sanofi SA.
Pub Date : 2004
Teaching Note :Not Available
Countries : France
Industry : Pharmaceutical
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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EXCERPTS Contd...
Enters French Government
In a significant turnaround of events, on April 26, 2004, the Aventis Supervisory Board agreed on an improved acquisition bid by Sanofi. The revised offer valued Aventis at €54.5 bn, raising its initial hostile bid which valued Aventis at €47.8 bn.
Aventis shareholders were now offered five shares of Sanofi and €120 in cash for every six Aventis
shares they held (See Box III for the revised offer).
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Landau in a press statement issued by Aventis said, "We are pleased to have
reached an agreement that recognizes the value of Aventis from a financial
standpoint as well as the talent and expertise of our employees. By being
equally represented in the management of Sanofi-Aventis, this agreement provides
the necessary conditions for the success and development of the new group."This
sudden acceptance of the improved offer made by Sanofi, after a three-month long
bitter takeover battle, surprised the media and industry experts. Analysts were
quick to point out the proactive role of the French government in getting the
Aventis-Sanofi deal through.
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They said that the preference for an all-French deal by the government was instrumental in changing Aventis earlier plans to merge with Novartis...
Exhibits
Exhibit I: Aventis Stock Price Chart
Exhibit II: Sanofi-Synthelabo Stock Price Chart
Exhibit III: Aventis Group - Consolidated Statement of Operation
Exhibit IV: Sanofi-Synthelabo - Consolidated Statement of Income
Exhibit V: Novartis-Aventis Merger - The Perfect Marriage?
Exhibit VI: French Takeover Regulations
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