29 January 2004 13:34 [Source: ICIS news]
LONDON (CNI)--Igor Landau, chief executive of Franco-German pharmaceuticals group Aventis, on Thursday dismissed the approximately Euro47bn ($60bn) hostile bid from French rival Sanofi-Synthelabo as "at least 40-50% too low".
Landau was speaking on French radio this morning following the supervisory board’s unanimous rejection of the offer, which was launched on Monday.
He described the offer Aventis' smaller rival as grossly below the premium normally expected for an international drugs company. Landau reiterated that Aventis will actively seek alternative options.
Fifteen members of Aventis’ 16-strong supervisory board, including the representative of Kuwait Petroleum Corp, met yesterday to discuss the offer and concurred with the management board’s decision to reject the offer.
Jurgen Dormann, chairman of the Aventis supervisory board, said in a statement: “The board has mandated the management board to explore all scenarios offering a stronger industrial and social rationale for both our shareholders and our employees.”
Aventis has employed investment banks Morgan Stanley, Goldman Sachs and Rothschilds to review all defensive options available.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections