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Image header Agence Europe
Europe Daily Bulletin No. 8682
Contents Publication in full By article 16 / 50
GENERAL NEWS / (eu) eu/competition

New deadline (26 April) for decision on Aventis/Sanofi-Synthélabo

Brussels, 06/04/2004 (Agence Europe) - The European Commission has postponed until 26 April the cut-off date for its decision on the hostile takeover bid by the French group Sanofi-Synthélabo for Aventis. Furthermore, Sanofi-Synthélabo confirms that on Monday, it submitted its project to the American competition authorities. This co-operation will being closely scrutinised by the Commission. Beyond its impact on competition, the Commission will also make sure that the measures the French government take to block Sanofi's offer to defend national interests do not infringe European rules on free movement of capital (see EUROPE of 27 March, p.13). Mr Landau, the CEO of Aventis, intends to plead the cause of Novartis in the next few days, which has been officially invited to merge in a friendly transaction, to the newly-elected French Finance Minister, Nicolas Sarkozy, whereas Prime Minister Jean-Pierre Raffarin continues to push for the Sanofi-Synthélabo offer. He told the Assemblée Nationale on Monday that France "must comfort its industrial base by favouring alliances, especially where it is at its most dynamic", referring to the pharmaceutical sector, amongst others. The Health Minister, Philippe Douste-Blazy, said: "Let us defend French industry. When we have the chance to be able to create one of the largest pharmaceutical groups in the world, we should grab it with both hands".

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