Aventis 'in part sell-off to Blackstone'

3rd February 2004, Comments 0 comments

FRANKFURT, Feb 3 (AFP) - The Franco-German life sciences giant Aventis is negotiating to sell small parts of its pharmaceuticals business to the US investment fund Blackstone for up to EUR 1.5 billion (USD 1.9 billion), the daily Frankfurter Allgemeine Zeitung reported Tuesday.

FRANKFURT, Feb 3 (AFP) - The Franco-German life sciences giant Aventis is negotiating to sell small parts of its pharmaceuticals business to the US investment fund Blackstone for up to EUR 1.5 billion (USD 1.9 billion), the daily Frankfurter Allgemeine Zeitung reported Tuesday.

Quoting financial sources, the newspaper said talks had been underway for a number of weeks but had nothing to do with the hostile takeover bid recently launched by French drug maker Sanofi-Synthelabo for Aventis.

Nevertheless, Aventis might speed up the talks in order to raise cash quickly as well as to make itself less attractive for Sanofi, the report added.

Blackstone has stepped up its investments in Germany recently, notably buying the industrial chemicals groups Celanese, formerly part of the chemicals giant Hoechst before it merged with Rhone-Poulenc to form Aventis.

© AFP

                                                              Subject: France news

 

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