Minister: Aventis must keep German jobs

28th January 2004, Comments 0 comments

28 January 2004 , BERLIN - German Economics Minister Wolfgang Clement warned Wednesday that a takeover bid aimed at Franco-German drugs giant Aventis must not lead to one-sided job cuts in Germany. German officials are increasingly alarmed over the EUR 47.8 billion Aventis takeover attempt by France's Sanofi-Synthelabo. Clement said Aventis was an excellent example of Franco-German cooperation which included Germany's cherished co-determination system which gives workers a say in management. With 9,000 top

28 January 2004

BERLIN - German Economics Minister Wolfgang Clement warned Wednesday that a takeover bid aimed at Franco-German drugs giant Aventis must not lead to one-sided job cuts in Germany.

German officials are increasingly alarmed over the EUR 47.8 billion Aventis takeover attempt by France's Sanofi-Synthelabo.

Clement said Aventis was an excellent example of Franco-German cooperation which included Germany's cherished co-determination system which gives workers a say in management.

With 9,000 top level jobs in Germany, Aventis was pharmaceutical and research platform without parallel in the nation, underlined Clement.

If the merger went ahead there were sure to be jobs cuts, Clement noted.

"Such synergy must be found at the Franco-German level - not just on one side," he said.

Aventis was created in 1998 through merger of Germany's Hoechst with France's Rhone-Poulenc.

Job losses are deeply worrying for Germany.

Clement made his remarks at news briefing where he admitted German unemployment would only decline to 10.3 percent this year, down from 10.5 percent in 2003.

This is despite the fact that German GDP is expected to grow by 1.7 percent in 2004.

 

DPA
Subject: German news 

 

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