China Grants Clearance for Merger of BMP Sunstone and Sanofi-aventis
China's Ministry of Commerce granted clearance for the merger of BMP Sunstone and Sanofi-aventis subsidiary.
BMP Sunstone Corporation, a specialty pharmaceutical company in China, announced yesterday that China's Ministry of Commerce granted clearance for the transaction between the company and Sanofi-aventis. The transaction is expected to close during the first quarter of 2011.
According to their agreement, Sanofi-aventis will acquire all outstanding shares of BMP Sunstone Corporation. The acquisition is structured as a merger of BMP Sunstone and a wholly-owned subsidiary of sanofi-aventis. As previously announced, Sanofi-aventis offered to purchase BMP Sunstone for cash consideration of USD 10.00 per share, or a total of approximately USD 520.6 million, on a fully diluted basis. BMP Sunstone's board of directors has unanimou
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