Hoechst To Make Offer For Roussel Uclaf
Societe Francaise Hoechst, the French unit of German chemical and pharmaceutical firm Hoechst AG, has made an offer to Roussel Uclaf shareholders of 1,530 French francs ($290) per common share in order to secure all shares not already held by the group.
Hoechst said that the strategic aim of the move is to integrate pharmaceutical activities in a legal autonomous organization, Hoechst Marion Roussel.
By acquiring the remaining stake in RU, which at 1,530 per share gives the deal a value of around 17.8 billion francs, Hoechst says it is building on the years of close cooperation between the two companies. It began in 1968 with cooperation agreements in research. After the death of RU's founder, Jean-Claude Roussel, Hoechst obtained a majority stake in RU in 1974. Business between the two groups was strengthened through joint-venture R&D programs and through the merger of the international sales networks.
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