Sanofi-Aventis share price up 3% on Pfizer takeover rumors
French drugmaker Sanofi-Aventis' share price moved up 3% on October 8 following rumors of a takeover by Pfizer. Alice Lhabouz, director of French bank Meeschaert, said that the hint was that French oil and gas company Total SA's 13.1% share in Sanofi was to be acquired by the US major. Previously, Total and fellow French company L'Oreal, which has a 10.5% stake in the Paris-based pharmaceutical firm, have said that they intend to divest their respective holdings. In response, Total's chief executive, Christophe de Margerie, stated that he has not held talks with either Pfizer or Sanofi with regard to selling the firm's stake in the latter. Neither Pfizer or Sanofi have commented.
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