Hoechst Shareholders Seek to Block Sanofi-Aventis Squeeze-Out Offer

Shareholders in Hoechst AG are trying to block Sanofi-Aventis SA's acquisition of the remaining shares it does not own in the company, a spokesman for Sanofi-Aventis said. Minority shareholders, who hold less than 2 percent of Hoechst, believe that the Franco-German pharmaceutical company is undervaluing the company with its 56.60 euros per share offer. The spokesman said Hoechst shareholders have lodged several complaints with the German courts to overturn approval given at the AGM in December for Sanofi-Aventis to acquire the outstanding shares.

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