Sanofi-Synthelabo and Aventis plan €54bn link

Pharmaceuticals-giant Sanofi-Synthelabo formally today announced plans to create the world’s third largest pharmaceutical company after making a new, “friendly” bid for the Franco-German Aventis company worth €54bn.

The new offer has been approved by Sanofi’s board, its main shareholders Total and L’Oreal as well as by Aventis’s management and supervisory boards, a statement said.