Czech central bank says received Sanofi bid

PRAGUE, July 4 (Reuters) - The Czech central bank (CNB) has received for a review a takeover proposal from Sanofi-Aventis (SASY.PA) for generic drug maker Zentiva ZNTVsp.PR, a CNB spokesman said on Friday.

Sanofi -- already Zentiva's largest shareholder with 24.9 percent -- said last month it plans a 1,050 crown per share bid valuing the Czech company at 40.04 billion crowns ($2.65 billion), trumping a 950 crown offer from financial group PPF.

The offer is subject to the Czech regulator's review.

"The review in this particular case is under way so at this stage it is impossible to anticipate possible steps of the CNB or the date when Sanofi-Aventis launches the takeover bid," spokesman Pavel Zubek said.

A bidder is expected to publish details of its bid no sooner than 15 days after delivering a bid proposal to the central bank, and no later than 30 days from that date, according to Czech law.

Zubek declined to say when exactly the French maker of patented drugs delivered the document.

Sanofi offered a premium of 10.5 percent to PPF's bid and the French company, which is the world's third-largest drugmaker by sales, said it plans to finalise the acquisition by the end of 2008.

PPF, together with Italian insurer Generali (GASI.MI), owns 19.2 percent of Zentiva.

Zentiva closed 0.18 percent down at 1,109 crowns, outperforming the main PX index .PX which shed 1.48 percent. (Reporting by Jana Mlcochova; Editing by David Cowell)