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Institute of Management (IfB-HSG)

'The Acquisition of Aventis by Sanofi: Phase 3: Closing the Deal'

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Summary:

This is the third of a four-case series. A combined version of the case series is also available. The year 2004 started with a bombshell for the mergers and acquisitions sector: On 24 January rumours emerged of an imminent takeover bid by Sanofi-Synthelabo to the shareholders in Aventis. On 25 April the first hostile takeover in the history of the pharmaceuticals sector was completed. The Chief Executive Officer (CEO) of Sanofi and future CEO of Sanofi-Aventis, Jean-Francois Dehecq, commented 'I had a very strong feeling that if we didn't do this deal now then one of our international competitors would have bought either Aventis or Sanofi'. The aim of this case is to describe an entire merger and acquisition process, against the background of a pharmaceuticals industry undergoing highly dynamic competition and consolidation. The case is outlined in the form of the chronological activity of the actual takeover battle, from the first rumours through to integration, in four phases: (1) from the attack by Sanofi-Synthelabo, which the management of Aventis initially considered as hostile; (2) via the battle for Aventis; (3) to the ultimately amicable unification of the two companies; and (4) the integration of Sanofi-Aventis.

Bibliography:

THE ACQUISITION OF AVENTIS BY SANOFI: PHASE 3: 'CLOSING THE DEAL'

Case - Reference no. 306-240-1
Authors: Mueller-Stewens, G. (University of St. Gallen); Alscher, A. (University of St. Gallen)
Published in: 2006
Length: 17 pages
Data source: Published sources

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THE ACQUISITION OF AVENTIS BY SANOFI: PHASE 3: 'CLOSING THE DEAL'

If the case study and teaching note is not available via The Case Centre or you have questions to additional material and the application of the case study please contact the author:

Prof. Dr. Guenter Müller-Stewens

Further information

Contact

Institute of Management
University of St. Gallen
Prof. Dr. Guenter Müller-Stewens
Dufourstrasse 40a
CH-9000 St. Gallen
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Phone: +41 (0)71 224 27 61
Fax: +41 (0)71 224 23 55
http://www.ifb.unisg.ch

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