GO
Loading...

Sanofi Board Split over Bristol-Myers Deal: Times of London

CNBC.com
Tuesday, 27 Mar 2007 | 2:39 AM ET

French drug maker Sanofi Aventis’ board is split over whether to acquire U.S. pharmaceutical company Bristol-Myers Squibb in a deal that could be worth $54 billion, London newspaper The Times reported.

The deal would create one of the world’s largest pharmaceutical companies, but has run into difficulty due to a disagreement between Sanofi Chariman Jean-François Dehecq and CEO Gerard Le Fur.

There is a “significant difference” in tactics between the two men, which caused friction over the group’s direction, banking sources told The Times.

Dehecq favors a deal with Bristol-Myers , while Le Fur wants to focus on the company's internal drug research and development program, said The Times.

The disagreement seems to be influenced more by internal politics than strategic benefits, the paper said.

"It’s a question of ego rather than the timing of any deal," one banking source told The Times.

  Price   Change %Change
BMY
---

Featured

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • CNBC's David Faber and Carl Icahn, chairman, Icahn Enterprises, discuss corporate boards, a dysfunctional system, his impact as an activist investor and why what he does is important, as well as the use of poison pills to fend off activists. He also finds himself in the unusual position of defending Bill Ackman's recent efforts to partner with Valeant and acquire Allergan.

  • Discussing new technology in the Permian, growing market in North America, and higher earnings, with Dave Lesar, Halliburton chairman, president and CEO.

  • Paul Raines, GameStop CEO, discusses how its leadership in digital sales, market share, and ability to drive loyalty with rewards propels consumers to stay with the gaming store.