Sanofi (France) (SAN.PA) Considered Moving Headquarters Abroad
11/5/2012 7:46:43 AM
Sanofi's management considered moving its headquarters abroad in the last few months but the plan was nixed by the drugmaker's chairman, French weekly Le Journal du Dimanche reported on Sunday, citing sources close to the board. First mooted in July, when the Socialist government was preparing to introduce a 75 percent tax on top earnings, the plan envisaged moving the headquarters to London or the United States, or at least relocating Chief Executive Chris Viehbacher and his closest associates abroad. However, Chairman Serge Weinberg vetoed the project, the newspaper said, saying that Viehbacher had not raised the issue with him. A Sanofi spokesman denied such plans were discussed and said the company's recent move to new corporate headquarters in Paris showed its commitment to its base in the city. Several of the company's top executives are foreign and spend most of their time travelling abroad.