AIRLINK 75.50 Increased By ▲ 0.25 (0.33%)
BOP 5.15 Increased By ▲ 0.04 (0.78%)
CNERGY 4.52 Decreased By ▼ -0.08 (-1.74%)
DFML 34.50 Increased By ▲ 1.97 (6.06%)
DGKC 90.00 Decreased By ▼ -0.35 (-0.39%)
FCCL 22.85 Decreased By ▼ -0.13 (-0.57%)
FFBL 33.15 Decreased By ▼ -0.42 (-1.25%)
FFL 9.89 Decreased By ▼ -0.15 (-1.49%)
GGL 11.13 Increased By ▲ 0.08 (0.72%)
HBL 115.26 Increased By ▲ 0.36 (0.31%)
HUBC 136.87 Decreased By ▼ -0.47 (-0.34%)
HUMNL 10.03 Increased By ▲ 0.50 (5.25%)
KEL 4.69 Increased By ▲ 0.03 (0.64%)
KOSM 4.75 Increased By ▲ 0.05 (1.06%)
MLCF 40.25 Decreased By ▼ -0.29 (-0.72%)
OGDC 140.65 Increased By ▲ 0.90 (0.64%)
PAEL 27.64 Decreased By ▼ -0.01 (-0.04%)
PIAA 25.11 Increased By ▲ 0.71 (2.91%)
PIBTL 6.88 Decreased By ▼ -0.04 (-0.58%)
PPL 124.10 Decreased By ▼ -1.20 (-0.96%)
PRL 27.40 Decreased By ▼ -0.15 (-0.54%)
PTC 14.15 No Change ▼ 0.00 (0%)
SEARL 60.74 Decreased By ▼ -1.11 (-1.79%)
SNGP 72.40 Decreased By ▼ -0.58 (-0.79%)
SSGC 10.52 Decreased By ▼ -0.07 (-0.66%)
TELE 8.70 Decreased By ▼ -0.08 (-0.91%)
TPLP 11.50 Decreased By ▼ -0.23 (-1.96%)
TRG 66.05 Decreased By ▼ -0.55 (-0.83%)
UNITY 25.85 Increased By ▲ 0.70 (2.78%)
WTL 1.41 Decreased By ▼ -0.03 (-2.08%)
BR100 7,866 Increased By 63.4 (0.81%)
BR30 25,791 Decreased By -24.7 (-0.1%)
KSE100 74,975 Increased By 443.7 (0.6%)
KSE30 24,170 Increased By 215.9 (0.9%)

French drugs firm Sanofi-Synthelabo SA launched a 47.8-billion-euro ($60.66 billion) hostile bid for larger rival Aventis SA on Monday in a move to create the world's third largest pharmaceuticals group.
The offer was rejected by Aventis, which said it undervalued the company.
Sanofi's bid follows weeks of merger speculation that lifted shares in both firms as investors welcomed the idea of cutting costs, combining sales forces and pooling drug pipelines.
If completed, the deal would create a French national pharmaceutical champion valued at more than $100 billion, ranking No 3 in the global league table behind Pfizer and GlaxoSmithKline.
But industry analysts said Sanofi's bid could prove just the first step in a drawn-out take-over battle.
"This is a warning shot across the bows. This is not necessarily the final offer," said Marc Booty, pharmaceuticals analyst with Commerzbank in London.
Sanofi Chairman and Chief Executive Jean-Francois Dehecq said he hoped to convince Aventis of the merits of the offer in the coming weeks and months.
France's second-largest drug-maker is offering five of its shares for six Aventis shares plus 69 euros in cash. It said 81 percent of the offer was in shares and 19 percent in cash.

Copyright Reuters, 2004

Comments

Comments are closed.