In Brief: Hoechst/Roussel Uclaf

Hoechst/Roussel Uclaf: Hoechst makes $3.6 bil. tender offer to acquire the 43.5%, or 11.8 mil. shares, of Roussel Uclaf it does not already own. The $293.90 per share offer represents a 12% premium to the average price of Roussel Uclaf over the last month. The goal of the offer, Hoechst says, is "to integrate pharmaceutical activities in a legal autonomous organization, Hoechst Marion Roussel." The move could be a prelude to listing of HMR on U.S. stock exchanges...