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EU Clears Sanofi-Aventis to Buy US Genzyme

From M&A Navigator (January 13, 2011)

The European Commission (EC) announced its approval for the proposed USD18.5bn (EUR14.1bn) acquisition of US biotech firm Genzyme (NASDAQ:GENZ) by French sector player Sanofi-Aventis (EPA:SAN).

According to the EC, the planned deal would not significantly impede effective competition in the European Economic Area.

Sanofi’s hostile offer values Genzyme at USD69 per share, but the US company has repeatedly rejected all efforts to be taken private.

Genzyme is considering the offer too low and believes that a bid of between USD84 and USD89 per share would represent a fair valuation of its business.

Country: USA,

Sector: Biotechnology

Target: Genzyme Corporation

Buyer: Sanofi-Aventis AS

Deal size in USD: 18.5bn

Type: Corporate acquisition

Status: Bidding

Comment: EU clears planned deal.

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Posted: January 2011