Middle East Economic Survey

VOL. XLVII

No 32

09-August-2004

KUWAIT

KPC Tenders Its Shares In Aventis As Sanofi Takeover Is Completed

Kuwait Petroleum Corporation (KPC) announced on 30 July that it was tendering its 13.5% stake in the French/German drugmaker Aventis (KPC was the biggest shareholder) to Frances Sanofi-Synthelabo, paving the way for the latters takeover bid to go ahead. On 1 August, Sanofi confirmed that the takeover had been completed. KPC tendered its 108mn shares in Aventis, which...