Sanofi-Aventis Launches Bid for U.S. Pharma Firm

Company made a $1.9 billion bid for Chattem

French pharmaceutical group Sanofi-Aventis on jan. 11 formally launched its takeover bid worth about $1.9 billion for U.S. non-prescription drug company Chattem.

The offer, announced in December and approved by the board of Chattem, is for all of the shares in the target company, one of the leaders in the U.S. market for non-prescription treatments.

The offer ends at midnight New York time on February 8, and is dependent on acceptance on behalf of a majority of ordinary shares and approval by regulators.

Copyright Agence France-Presse, 2010

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