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Sanofi-Aventis May Prolong Offer For US Genzyme

From M&A Navigator (January 20, 2011)

French drug producer Sanofi-Aventis (EPA:SAN) is expected to once again extend the deadline of its USD69 (EUR51.19) per share offer for US biotech firm Genzyme (NASDAQ:GENZ), Reuters reported, quoting sources in the know.

The offer, which evaluates Genzyme at USD18.5bn, ends this Friday. Sanofi-Aventis already extended its proposal in December when it had secured a mere 1% of the US company stock.

Now the two companies have entered direct talks and an extension is seen as a formality to enable the possible recommendation of the offer to the Genzyme's shareholders, Reuters said. Investors even see an increase of the offer towards USD80 per share, the agency added.

The two sides have considerably advanced in the negotiations, a source told the news agency.

Country: , USA

Sector: Pharmaceuticals, Biotechnology

Target: Genzyme Corporation

Buyer: Sanofi-Aventis SA

Deal size in USD: 18.5bn

Type: Corporate acquisition

Status: Bidding

Comment: Offer may be extended.

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Posted: January 2011