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Ratcheting up the pressure on Genzyme management to agree to an $18.5 billion acquisition offer, French pharmaceutical giant Sanofi-Aventis says it now intends to file documents with the Securities & Exchange Commission initiating a tender offer for all outstanding shares of the biotechnology company. Sanofi originally made public unsuccessful efforts to discuss its bid with Genzyme management at the end of August and said it would take its offer directly to Genzyme shareholders (C&EN, Sept. 6, page 13). Its actions last week follow through on the threat. Genzyme urged shareholders to “take no action” on Sanofi’s renewed offer until it had a chance to review it. In late August, Genzyme called the earlier offer “opportunistic” and urged shareholders to reject it.
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