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Article: A done deal: YSL and Sanofi get it together. (Elf-Sanofi acquires Yves Saint Laurent Groupe) (includes related article)
- Article from:
- WWD
- Article date:
- May 18, 1993
- Author:
CopyrightCOPYRIGHT 1993 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PARIS -- It was the end of an era in Paris fashion Monday.
Elf-Sanofi completed its acquisition of Yves Saint Laurent Groupe, as shareholders of both companies overwhelmingly endorsed the controversial takeover.
"I've devoted my life to showing that fashion is art," said Yves Saint Laurent at a news conference following the vote. "I created for my time. I trust [Elf-Sanofi president] Jean-Francois Dehecq to follow the work that I and Pierre Berge began 32 years ago."
Under the terms of the acquisition, Elf-Sanofi exchanges four of its shares for five YSL shares. On the basis of Elf-Sanofi's closing price on Monday of $165.70 (895 francs), ...