J.P. Morgan: News And Observations From Our Reporters’ Notebooks
Executive Summary
At breakout sessions for Genzyme Corp. and Sanofi-Aventis SA, their respective CEOs were unsurprisingly mum on their merger and acquisition tussle, though some were amused to hear Sanofi's Christopher Viehbacher say, “Most M&A has not created shareholder value, companies are too quick to pay more than they should." That statement of course will leave him, if the deal is consummated, to explain how buying Genzyme isn't like "most" M&A.