Deals
Sanofi Takes $18.5 Billion Offer for Genzyme Hostile
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Sanofi-Aventis SA began an $18.5 billion hostile takeover offer for Genzyme Corp. after the U.S. biotechnology company spurned the bid as too low. Genzyme urged shareholders to take no immediate action.
The tender offer of $69 a share expires at 11:59 p.m. New York time on Dec. 10, Sanofi, France’s largest drugmaker, said today. “We believe the offer will be successful,” Chief Executive Officer Chris Viehbacher said during a conference call with reporters.