Can Political M&A Make Commercial Sense?
Executive Summary
Sanofi-Aventis stands apart from most other Big Pharma mergers. Granted, it shares many of the same drivers as previous tie-ups: looming patent expiries and hunger for size. But the unashamed political intervention, which helped turn one of the most vocal bidding wars from bitterly hostile to friendly overnight, was quite extraordinary. It points to the still delicate balance in France between commercial freedom and nationalistic pride; more importantly though, its effects may hamper Sanofi-Aventis' success on the global stage.
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