Sanofi's Bid for Aventis: Winning Won't be Enough

As Aventis digs its heels in and Sanofi refuses to raise its offer, a friendly deal between the two players looks increasingly less likely. Most observers still expect the deal to happen: white knight stories aren't convincing and none have the political support that this combination enjoys. But if Sanofi does win, it must use the transaction to transform its Franco-centric business, not merely enlarge it.