Sanofi-Aventis merger completes
announced the birth of Sanofi-Aventis, the world's third-largest
pharmaceutical company, ranking number one in Europe.
Sanofi-Synthelabo said earlier this month it would push for 100 per cent control of its former rival and newly-acquired subsidiary Aventis after the French Financial Market Authority confirmed the success of its controversial takeover offer.
Sanofi-Synthelabo now controls Aventis with 95.47 percent of the share capital. As previously announced, Sanofi-Synthelabo hereby officially changes its name to Sanofi-Aventis
The new group, with a scientific research budget of €4.2 billion, came into being - despite weeks of fierce opposition by Aventis - after pressure from the French government, which was appalled by the prospect of losing a top-tier pharma company based in the country.
The intervention took place after Aventis approached Swiss drugs giant Novartis as an alternative to Sanofi's hostile takeover.
Sanofi has said the €52 billion stock-and-cash takeover should yield synergies of €1.6 billion by 2006, with 10 per cent of the synergies this year, 50 per cent in 2005 and the rest in 2006.
