Sanofi-Aventis’ revised offer to buy Czech generics drugmaker Zentiva has been authorised by the country’s National Bank and the firm’s board, but other shareholders could make life difficult for the French drugmaker.

Sanofi, which already has a 24.9% holding in Zentiva, upped its offer to acquire the company to 1,150 to 1,050 Czech crowns, valuing the deal at around 1.8 billion euros. However, financial group PPF, in tandem with Italian insurance group Generali, has increased its holding in Zentiva. from 19.2% to 21.6% wants more discussion about the Sanofi offer.

PPF, which had a bid of 950 crowns per share rejected by Zentiva in June, issued a statement saying that it would request an extraordinary general meeting to allow shareholders to assess the "behaviour of the board of directors and management and the potential impact” of Sanofi’s bid “on the value of the company”. However, Zentiva says that it has no plans to hold an EGM.

However PPF is not the only Zentiva shareholder to up its stake of late. Belviport Trading, an anonymous society, has raised its holding in the Prague-headquartered firm to just over 10% from 6%, while the J&T investor group has a 7.6% stake.

None of these other stakeholders has come out saying they are opposed to the Sanofi bid and local analysts believe that the recent purchases of other shareholders could be seen as a plan to make a quick profit.

– Meantime, the CFDT trade union in France says that Sanofi is set to announce around 800 job cuts in France later today. The company has not issued any statement as yet but that level of cuts had already been announced in June.