Total links Sanofi stake sale to Plavix ruling
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PARIS, May 9 (Reuters) - French oil major Total SA (TOTF.PA) confirmed it will not decide on when to sell its stake in Sanofi-Aventis (SASY.PA) until the drugmaker knows the results of a trial involving blood thinner Plavix.
"We would prefer to wait for the result of this judgment before doing something," a Total spokeswoman said on Wednesday, citing remarks Chief Financial Officer Robert Castaigne made to analysts last week.
Castaigne's remarks were reported in France's Challenges magazine.
Total has a roughly 13 percent stake in Sanofi-Aventis and has repeatedly said the holding is not strategic.
"We have decided not to proceed with the divestment of Sanofi for the moment, but our policy remains ... to progressively sell things," the spokeswoman said, noting Total had never put a timetable on any operation.
France's Sanofi-Aventis and its U.S. marketing partner, Bristol-Myers Squibb Co. (BMY.N), are in a patent battle over Plavix with generic drugmaker Apotex Inc. A U.S. court is due to rule on the case later this year.
Challenges magazine said Total would use the proceeds of any Sanofi-Aventis stake sale to buy back its own shares.
((Reporting by Nick Antonovics, Paris newsroom, tel. +33149495452, Reuters messaging: nicholas.antonovics.reuters.com@reuters.net; editing by Jane Baird))
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