EX-99.(A)(2)(XLIV) 3 a2138540zex-99_a2xliv.htm EXHIBIT (A)(2)(XLIV)

Exhibit (a)(2)(xliv)

         GRAPHIC

Towards Sanofi-Aventis

Igor Landau
Chairman of the Management Board

1

"SANOFI-AVENTIS":
REASONS FOR RECOMMENDING THE OFFER		   GRAPHIC

Initial offer
 
Improved offer

•    Undervalued Aventis
 
Higher premium/multiple confirming Aventis fair value

•    Plavix risk in Sanofi shares
 
Increased cash component

•    Execution & integration risks
 
Balanced corporate governance

•    Share overhang
 
Statement from Sanofi core shareholders

•    Antitrust risks
 
EU approval already obtained

 
 
Agreement reached by Sanofi to sell Arixtra/Fraxiparine to GSK

2

KEY TERMS OF THE IMPROVED OFFER   GRAPHIC

Consideration:

•
Main offer: 1 Aventis share --> (0.8333 Sanofi shares + €20 in cash)

-->
€68.93 value based on an average of one month before January 21

-->
€66.63 value based on April 23 trading price

•
Final will include 29% in cash and 71% in shares

•
Increase of €8.50 per share in cash; ~ €7 billion additional cash

•
Deal value €55.3 billion

•
Relative weight of Aventis shareholders in combined entity: 49%

Key conditions:

•
50% acceptance threshold

•
Approval by Sanofi Extraordinary Shareholder Meeting

3

BALANCED CORPORATE GOVERNANCE   GRAPHIC
•
Board of Directors

    16 members split equally between Aventis(1) and Sanofi(2), Jean-François Dehecq as Chairman/CEO

    4 Committees: Audit, Remuneration, Strategic and Scientific Committees to include equal numbers of directors designated by Aventis and Sanofi

•
Executive Committee

    Chaired Jean-François Dehecq

    Equal representation of other members

(1)
Proposed by Aventis: Jean-Marc Bruel, Jürgen Dormann, Jean-René Fourtou, Serge Kampf, Igor Landau, Hubert Markl, Klaus Pohle, Hermann Scholl

(2)
Proposed by Sanofi: René Barbier de la Serre, Robert Castaigne, Thierry Desmarest, Lord Douro, Christian Mulliez, Lindsay Owen-Jones, Gérard Van Kemmel, Bruno Weymuller

4

ESTIMATED TIMELINE   GRAPHIC

•    April 26
 
Filing of revised offer with AMF

•    May 4
 
"Avis de recevabilité" issued by the AMF

•    May 11
 
Opening of the offer

•    June 23
 
Sanofi General Meeting of shareholders

•    June 30
 
Closing of offer

•    July 13
 
Results of the offer(*)

•    July 22
 
Settlement of the offer

 
 
 

*  assuming no extension of the offer

5