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08 November 2010

Sanofi-aventis urges Genzyme to let shareholders decide on takeover offer

In a letter sent Monday to Genzyme, sanofi-aventis CEO Chris Viehbacher said the biotechnology company should forgo defensive measures, including staggering the terms of its directors, to allow shareholders to decide whether or not to accept the French drugmaker's $18.5 billion takeover offer. Viehbacher expressed encouragement at Genzyme's decision to explore and evaluate alternatives, although he noted that sanofi-aventis had still not been contacted by the company or its advisors. "Sanofi is taking the opportunity to remind Genzyme and Genzyme shareholders that it desires to effect a deal," commented Royal Bank of Scotland analyst Michael Leacock.

Reference Articles
Genzyme should swear off defensive measures, let holders vote, Sanofi says - (Bloomberg)
Sanofi-aventis sends letter to Genzyme seeking clarification on potential board actions - (sanofi-aventis)

**Publishe in "First Word"

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