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Zentiva NV, the Czech drugmaker being acquired by Sanofi-Aventis SA, said its board unanimously recommended that shareholders accept the French company's offer and tender their stock.

Sanofi's all-cash bid of 1,150 Czech koruna ($66.21) a share is in the best interest of investors, the Prague-based company said in a Regulatory News Service statement. The deal values Zentiva at about $2.6 billion. Bel Viport Trading Ltd. raised its stake in Zentiva to 10%, according to a Dutch regulatory filing. Sanofi acquired a 24.9% stake in the Czech company in March 2006.

Zentiva is not planning to call an extraordinary shareholders meeting to discuss the Sanofi bid, the company said in a statement in Prague. A subsidiary of PPF Group NV last week called for an extraordinary shareholders meeting of Zentiva so minority shareholders can learn more about an offer made by Sanofi-Aventis. Generali PPF Holding BV has 21.59% voting rights in the Czech drugmaker.
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Article Type:Brief article
Date:Oct 6, 2008
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