Sanofi-Aventis to buy remaining Hoechst shares
Sanofi-Aventis, formed by the recent marriage of France's Sanofi andFranco-German Aventis, creating the world's third largest drugmaker, intends to buy out minority shareholders in Germany-based Hoechst AG in a deal which the Financial Times reports could cost the firm over 550 million euros ($679 million) in cash.
The move complies with German law, under which Sanofi had to make an offer for the remaining outstanding shares in Hoechst once its 54 billion-euro bid for Aventis closed earlier this month. The latter firm owns 98.1% of Hoechst following the merger in 1999 of Hoechst's pharmaceuticals business with that of France's Rhone-Poulenc.
Sanofi has reopened its cash and paper offer for Aventis until September 6, giving shareholders who missed the initial deadline the opportunity to tender their shares.
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