BMS are beefing up its banking team ahead of possible takeover approaches from rivals by retaining the services of three Wall Street banks, the Financial Times reported on its website Tuesday.
People familiar with the companies told the FT that the U.S. group had in the past week appointed Lehman Brothers to work alongside Citigroup and Morgan Stanley to examine its options ahead of an expected takeover approach from Sanofi Aventis.
The FT said the move is seen as a step toward creating a bidding war for the $51 billion Bristol-Myers by attracting rival pharmaceuticals groups such as Pfizer, Schering-Plough and Merck.
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