Issue Date: June 23, 2008
Bidding War Erupts For Czech Firm Zentiva
Sanofi-Aventis has made a $2.6 billion takeover bid for the Czech generic drugs maker Zentiva, besting by 10.5% an offer made by PPF Group in April. Sanofi, of France, is Zentiva's largest shareholder, owning almost 25.0% of its shares, and PPF, a Dutch financial group, is its second largest shareholder. Zentiva had sales last year of about $820 million, mostly in Central and Eastern Europe. Sanofi's bid closely follows the move by Japan's Daiichi Sankyo to buy India's Ranbaxy Laboratories, another large generics firm.
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