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Sanofi chief says no reason to raise Aventis bid

February 04, 2004
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According to Reuters, the head of French drugmaker Sanofi-Synthelabo sees no reason to raise his hostile takeover bid for bigger rival Aventis and rules out a merger of equals, a newspaper reported on Wednesday. His comments came one day before Aventis is to set out its case against the Sanofi bid at a 2003 results briefing in London. Aventis management will use the occasion to try to prove it has strong growth prospects as a stand-alone company. Aventis has repeatedly rejected Sanofi''s stock-and-cash offer -- initially worth 47.8 billion euros ($59.3 billion) but now valued at 46.3 billion -- as too low.
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