In the year 2004 after a bitter takeover battle, France’s largest drug maker, Aventis, agreed to be absorbed by a smaller rival company Sanofi-Synthelabo SA in a cash and stock deal valued for Euro 55.2 billion ($65 billion). At the time of the deal, the consolidation created the world’s third largest pharmaceutical company with a market capitalization of approximately 90 billion euros behind US-based Pfizer and Britain’s GlaxoSmithKline. The French government put pressure on Sanofi-Synthelabo to raise its bid for Aventis and for Aventis to accept the offer. Under the terms of the revised bid, Sanofi offered five of its shares for each Aventis shares held plus €120 in cash. During the −78 to +173 (254-day merger period) covering January 1, 2004–January 2005, the Aventis stock gained 9.20% on cumulative basis.
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- PRNewsWire (2010) Sanofi Aventis successfully completes the acquisition of Chattem Inc. http://www.news.sanofi.us/press-releases?item=118517. Accessed 29 April 2018
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- Sanofi Press Release (2018) Sanofi completes acquisition of Bioverativ Inc. https://mediaroom.sanofi.com/en/press-releases/2018/sanofi-completes-acquisition-of-bioverativ-inc/. Accessed 8 March 2018
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