Sanofi-Aventis faces opposition in Zentiva takeover
French drug major Sanofi-Aventis faces opposition to its takeover of Czech firm Zentiva, according to the Wall Street Journal, as Belviport Trading, a company whose owners remain anonymous, raised its stake in the Czech firm to 10% from 6%. Sanofi's bid, which has been backed by Zentiva's board (Marketletter September 29) is contingent on the firm gaining controlling interest. Last month, Dutch financial firm PPF's joint venture with Italy's Generali, which previously made its own takeover bid, also raised its stake in the firm, to 22% from 19%.
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