Here’s a condensed version of what The Times of London is reporting this morning:

A boardroom split has opened up at Sanofi-Aventis, over a proposed $54 billion deal to acquire Bristol-Myers Squibb. The Times has learned that a disagreement over strategy has emerged between Jean-François Dehecq, the Sanofi chairman, who favours a deal, and Gérard Le Fur, his younger chief executive, who has emphasised the need to focus on the internal R&D.

Banking sources assert that there is a “significant difference” in tactics between the men, which has led to friction over the direction of the company. “It’s a question of ego rather than the timing of any deal,” said one, who added that, ultimately, Dehecq’s view is more likely to prevail because he wields greater authority in the Sanofi boardroom and among big shareholders, including the oil group Total and the cosmetics company L’Oréal.

Dehecq, a Sanofi veteran, has been the driving force behind the company and has overseen hundreds of acquisitions since its creation in 1973. He has also made little secret of his desire to create a world-beating pharmaceuticals group. Last month Sanofi shelved preliminary talks over a deal with Bristol because of concerns over valuations and the Plavix litigation.

No substantive discussions are thought to have been held since but there is mounting speculation that, assuming Dehecq’s views triumph, Sanofi may seek to dust off its merger plans after the Plavix litigation is settled. Julien Dormois, pharmaceuticals analyst at Bryan Garnier, the Paris investment firm, said: “I am quite convinced that an offer will be made.”

Here’s the full story.
[tags]Bristol-Myers Squibb, Sanofi-Aventis[/tags]