Sanofi ups the stakes
September 13, 2010
ACCORDING to reports Sanofi-
Aventis has raised US$10 billion
dollars in borrowed funds, to boost
its Genzyme takeover bid to
US$18.5 billion.
The move follows Genzyme’s
rejection of the French Drug
manufacturer’s original bid which
came in at around US$69 per
share.
MEANWHILE Genzyme has
begun to cull worldwide staff
numbers, and in the process
denying the cut-backs are related
to the possible Sanofi takeover.
At present, Genzyme has refused
to reveal the exact number of
staffers it will cut, ignoring leaked
reports published in the Boston
Globe which suggested 1,000 of its
12,800 strong workforce will get
the chop over the next 15 months.
“We feel the right thing to do is
to take a couple of days to speak
to employees before making a
public announcement,” a
spokesperson for the company said.
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