The government torn over the sale of Doliprane to an American fund

While Sanofi is in the process of selling its subsidiary Opella, which markets Doliprane, to an American fund, the government wants guarantees, particularly on investments or production. Emmanuel Macron wanted to be reassuring about the file, but the executive is moving forward with extreme caution.

• “We fought so that Doliprane was reproduced in France and that we reproduce molecules and drugs which are essential”assured the Head of State during the Motor Show. He was nevertheless more evasive on the means of avoiding the arrival of an American owner and passed the ball back to his Prime Minister, Michel Barnier. “The government has the instruments to guarantee that France is protected. It’s up to the government to look at that.”he declared.

• With the Minister of the Economy Antoine Armand, the Minister for Industry Marc Ferracci visited the Sanofi site in Lisieux (Calvados) to hear the concerns of employees regarding the expected arrival of a buyer. Since the announcement of the takeover by the American fund CD&R, the government has been looking for the right formula to reassure public opinion and Opella employees, without frightening foreign investors. At Bercy, the balance is clearly tilted towards letting the operation take place, nevertheless subject to strict conditions, including maintaining the production of the drug in France. Antoine Armand said he had already “started discussions” with stakeholders with a view to reaching a specific agreement on “extremely precise commitments”which will be “with guarantees” et “sanctions”. In a note to ministers Antoine Armand and Marc Ferracci, obtained by Politico, their offices and the general management of companies write in black and white that a blockage “No [leur] does not seem justified in view of the information available to us to date”.

• According to a senior Bercy official interviewed by Politico, and two other players in the matter, the ministers should have reacted immediately by indicating that they were ready to oppose the sale. This attitude would then have made it possible to study the terms of the offer and subsequently demand strong compensation. Created by the Montebourg decree in 2014 and reinforced by Bruno Le Maire, the control of foreign investments gives the State a right of veto over an acquisition operation of a company deemed strategic. It remains to be seen whether the line of the decree can be implemented in the specific case of Doliprane in the days to come.

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