Sanofi-Aventis announced on July 30 that it had agreed to pay $4 billion for Merck & Co., Inc.’s 50 percent stake in Merial Limited, the companies’ Harlow, U.K.–based animal health care joint venture. Merck put its Merial stake up for sale to win antitrust approval for its $41.1 billion cash and stock purchase of Schering-Plough Corporation [Big Deals, May]. In conjunction with the Merial deal, Sanofi, Merck, and Schering agreed to a call option under which Sanofi would have the right after the close of the Merck-Schering deal to combine Merial with Schering’s animal health business to form a joint venture that Merck and Sanofi would jointly own.
For acquiror Sanofi-Aventis (Paris)
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