Sanofi Said to Get $10 Billion Loans for Genzyme Bid

Sanofi-Aventis SA, France’s largest drugmaker, got about $10 billion of underwritten loans to back its bid for U.S. biotechnology company Genzyme Corp., two people familiar with the situation said.

The loans may be refinanced by bonds after the acquisition is completed, said the people, who declined to be identified because the information is private. JPMorgan Chase & Co., BNP Paribas SA and Societe Generale SA are providing the financing.

Banks are providing the most loans to fund purchases by European companies since 2008 as they look to invest rising profits. BHP Billiton Ltd.’s loan underwriters attracted demand in excess of the $45 billion sought to fund the miner’s bid for Potash Corp. of Saskatchewan Inc., a person familiar with the situation said today.

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- Posted: 2010-09-10 21:02:51

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