Boost for Aventis shares

Shares of Aventis SA, France’s No.1 drug maker, rose as much as 2.6% on optimism the government won’t oppose an effort by Switzerland’s Novartis AG to top Sanofi- Synthelabo SA’s €45.8 billion ($55 billion) hostile offer.

The shares increased 80 cents, or 1.3%, to €63.50 in Paris after trading as high as €64.30.

Industry Minister Patrick Devedjian said the government is monitoring the matter closely but is “remaining neutral,” suggesting earlier opposition to a non-French owner may be eased.

French Prime Minister Jean-Pierre Raffarin said last month he supported a merger between Sanofi and Aventis over a takeover by Novartis to protect “the national interest.” Novartis has said it won’t make an offer for Aventis unless the government welcomes outside bids.