Index Introduction 3 1. Context 4 a. The global environment 4 b. Sanofi 5 c. Genzyme 7 d. Expected synergies 7 2. First offer 8 a. The offer 8 b. Reasons of the refuse 8 c. Impact of this first offer 9 3. Agreement and plan of merger 9 a. Tender Offer 9 b. Contingent Value Right (CVR) 10 c. Acquisition financing 10 d. Financial benefits 11 4. Results 12 a. The new group’s organization 12 b. Transfer of business units 12 Conclusion 14 References 15 Introduction For 15 years, we have…