Günter Müller-Stewens

The year 2004 started with a bombshell for the M&A sector: On 24th January rumors emerged of an imminent takeover bid by Sanofi-Synthélabo to the shareholders in Aventis. On 25th April 2004, the first hostile takeover in the history of the pharmaceuticals sector was completed. The CEO of Sanofi and future CEO of Sanofi-Aventis, Jean-Francois Dehecq, commented: "I had a very strong feeling that if we didn't do this deal now then one of our international competitors would have bought either Aventis or Sanofi." The aim of this case study is to describe an entire M&A process - against the background of a pharmaceuticals industry undergoing highly dynamic competition and consolidation. The case is outlined in a chronological form, from the first rumors through to the fierce takeover battle, the amicable unification , and finally the integration of Sanofi-Aventis.