Sanofi-Aventis to refinance its Eu16bn M&A loan, ultra-tight margin expected
Sanofi-Aventis, the French pharmaceuticals giant, is in talks with banks to refinance the Eu16bn loan that Sanofi-Synthélabo used to support its acquisition of a majority stake in Aventis last year, EuroWeek hears.
Throughout last year Europe's major corporate borrowers in the loan market refinanced their facilities to reduce their cost of funds.
With the loan market seemingly set fast in borrowers' favour, banks have had no option but to accede to their demands for slimmer margins and
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