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Paris-based Sanofi-Aventis has completed its takeover of Czech pharmaceutical company Zentiva in a deal that makes it the world’s 11th-largest generic-drugs manufacturer.
It now owns 94% of Zentiva, which makes and sells generic drugs in Central and Eastern Europe, including products for pain, cardiovascular diseases and central nervous system disorders.
Sanofi’s initial takeover bid of 1.65 billion euros (£1.48 billion) last June was rejected by Zentiva’s management in July. A revised offer of 1.8 billion euros (£1.6 billion) in September was accepted.
Sanofi-Aventis began building its stake in Zentiva more than two years ago. It said that shareholders representing 70% of Zentiva’s outstanding capital had tendered their shares in the latest offer.
Copyright Press Association 2009