Sanofi partnership MOU with Iraq seen

4/1/2010

BAGHDAD, April 1 (Reuters) - French drugs company Sanofi-Aventis SA (SASY.PA) could sign an initial partnership accord with Iraq in June, the Industry and Minerals Ministry said on Thursday.

Financials

The ministry is ready to set up companies in which Iraq holds up to 24 percent while Sanofi and other investors would have maximum stakes of 80 percent, the ministry said in a statement.

Sanofi was ready to sign a memorandum of understanding with the ministry during a June visit by company executives to open a Baghdad office, it said.

Industry and Minerals Minister Fawzi Hariri visited France this week. Sanofi had no immediate comment.

Iraq is trying to shake off years of violence, sanctions and economic decline by opening up its financial and industrial sectors and luring foreign investment to help it rebuild.

Sanofi partnership MOU with Iraq seen - Source

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