French health and beauty company Sanofi has entered the mergers andacquisitions market in a move by the firm's parent company, Elf Aquitaine, which holds a 53% stake, valued at around 27 billion French francs ($5.1 billion).
In a statement relating to Elf's estimated 1996 net income, the petrochemicals firm said "it would be desirable for Sanofi to move nearer other pharmaceutical laboratories, through a merger, in order to speed up its development and increase its profitability."
Elf intends to remain "an important shareholder" for Sanofi but indicated that this does not mean that a major stake in the company is a prerequisite.
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