2024-10-21 12:02:00
End of suspense for doliprane. The giant Sanofi will sell 50% of its subsidiary Opella, which notably produces the famous drug, to the American fund CD & R. A change of nationality which goes over quite badly. Sophie Binet, general secretary of the CGT, notably denounced “the symbol of Macron’s failure”. Covid-19, and in particular the shortage of masks at the start of the pandemic, put the quest for “health sovereignty” back on the table.
Seeing the scandal growing, the State sought to reassure by announcing this weekend that it was now a shareholder in Opella, via its public investment bank. “Bpifrance should participate as a minority shareholder of around 2%,” Sanofi said in a press release. Does this state intervention change the situation?
A will of the State “impossible to impose”
“It’s still a very, very minority share,” says Nathalie Coutinet, professor of health economics at Sorbonne Paris Nord University. The State will not be able to impose decisions on Opella, and this acquisition of capital offers no guarantee of a real strategy to keep doliprane in France. »
Bruno Coquet, doctor in economics, is equally skeptical: “The State has never succeeded in imposing its will in large groups where it is a minority shareholder, even in holdings where it had much more shares than 2%. “. The researcher takes in particular the example of the first Renault factory closures, which the State systematically opposed, without succeeding in convincing.
“Better than nothing, but insufficient”
Another proof for Nathalie Coutinet: “The State was against the takeover of Opella by a foreign group, and yet, that is what happened. This clearly illustrates the limited possibility for the State to influence the decisions of large groups. »
For the expert, being an ultra-minority shareholder of Opella, “it’s always better than nothing, but it’s not at all enough” to reassure. Better than nothing, economist Philippe Crevel also wants to believe it: “This allows you to have a representative on the board of directors and to be informed of the decisions that the group intends to take. » And even if with 2% and only one small vote, the Bpi advisor will of course not be able to veto it, “it will always be possible for him to show reactions and agitation in the event of a decision that displeases the State”.
And why not become a 51% majority shareholder? “It would cost far too much”, in a 2025 budget which seeks to reduce spending. The Opella group is valued at 16 billion euros.
“An announcement effect”
The State has certainly put some conditions on this tripartite agreement, such as a 40 million euro fine in the event of a cessation of production in France. But for a purchase worth several billion euros, we can again ask the question of the interest of a fine that is very low in comparison. “It’s an announcement effect to make people believe that the State is not totally powerless in this story,” notes Nathalie Coutinet. “But in reality, he won’t be able to do much if CR & D takes decisions contrary to France’s interests. »
Same conclusion for Bruno Coquet: “The doliprane is a symbol, we had to respond with a symbol. This decision does not change the problem of health sovereignty, but allows us to find a political solution. The State will not have done anything”, and too bad if the action is somewhat useless in itself.
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