PARIS (AP) -- French pharmaceuticals maker Sanofi-Aventis SA said Wednesday it's planning a takeover bid for Zentiva that values the Czech generic drugs maker at $2.56 billion.Sanofi-Aventis, which already owns about 25% of Zentiva, said its cash offer of 1,050 Czech koruna ($67.54) per share eclipses the 950 koruna per share bid by Dutch group PFF N.V. announced last month.
The French company, which like many drugmakers has been looking to broaden its portfolio amid aging patents, cited a "strong strategic rationale" for the Zentiva deal and said the two companies have overlapping markets.
Sanofi-Aventis said its bid came at a 14.6% premium to Zentiva's closing price on April 30 - the last day before PPF announced its cash offer.
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