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ELF SANOFI AND YVES SAINT LAURENT GROUPE ISSUE STATEMENT ON MERGER

 PARIS, Jan. 19 /PRNewswire/ -- The board of directors of Elf Sanofi and the Supervisory Board of Yves Saint Laurent Groupe announce it has approved today, the proposed merger of Elf Sanofi and Yves Saint Laurent Groupe. This merger project will be submitted to the shareholders of both companies after Yves Saint Laurent Groupe, presently a limited partnership company ("Societe en commandite par actions"), has been transformed into a limited company ("Societe anonyme").
 Yves Saint Laurent Groupe will be merged into Elf Sanofi on the basis of 4 new Elf Sanofi shares for 5 existing Yves Saint Laurent Groupe shares.
 Following the usual practice in such transformations, the general partners will receive newly issued shares of the company. The general partners will receive new shares of Yves Saint Laurent Groupe representing 9.7 percent of the increased capital and 8.1 percent of the fully diluted capital. This transaction will follow the "attribution of special rights" procedure ("avantages particuliers"). The shareholders of Yves Saint Laurent Groupe and Elf Sanofi will thereafter vote on the merger.
 Following the merger, Yves Saint Laurent and Pierre Berge will subscribe to a reserved capital increase of Yves Saint Laurent Couture, this company remaining under Pierre Berge's management. In addition, Yves Saint Laurent and Pierre Berge will be closely associated with Yves Saint Laurent Parfums marketing and creation.
 Elf Sanofi, which already has a strong presence in France and abroad in beauty and luxury products, will through the proposed merger, enable Yves Saint Laurent to continue its development as part of a large French industrial group. The merger will reinforce the coherence between the three divisions of Elf Sanofi: Pharmaceuticals, Beauty Products and Bio- Industries, and is fully consistent with the strategy of Groupe Elf. Following these operations, Elf's stake in Elf Sanofi will be about 51 percent. Together, the two partners will be extremely weernational development of their brands.
 -0- 1/19/93
 /CONTACT: Jim Fusilli of Elf Sanofi, 212-476-9300/


CO: Elf Sanofi; Yves Saint Laurent Groupe ST: IN: HOU SU: TNM

WB-OS -- NY029 -- 6232 01/19/93 10:38 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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