The French group, SANOFI-SYNTHELABO (turnover EUR 8.05 billion in 2003 with 32,500 employed) has made a takeover bid worth EUR 47.8 billion on its Franco-German rival AVENTIS (turnover EUR 16.9 billion in 2003 with 71,000 employed). The latter unanimously rejected the bid considered as "hostile" and "risky". The SANOFI offer is composed at 81% of a share swap and at 19% of a cash payment. Six SANOFI-SYNTHELABO shares and 69 euros in cash are proposed for five AVENTIS shares. SANOFI also suggests two alternatives: either an exchange of 35 of its shares for 34 AVENTIS shares or a cash payment of EUR 60.43 per AVENTIS share. If the merger is achieved, it will give rise to the third largest pharmaceuticals group worldwide after American PFIZER and British GLAXOSMITHKLINE.