JPMorgan Worldwide Securities Services has been named successor depositary bank for the American Depositary Receipt (ADR) program of Sanofi-aventis.
Sanofi-aventis’ ADR program is the largest in France and is among the top 10 ADR programs in Western Europe, as measured by number of ADRs outstanding.
The average daily trading volume of Sanofi-aventis ADRs is $78 million year-to-date, with total ADR holdings in Sanofi-aventis exceeding $9 billion at 30 October 2007.
“We are very pleased to be working with a blue-chip company like Sanofi-aventis. We look forward to helping Sanofi-aventis fully leverage its ADR program to support the company’s global growth initiatives. This mandate is testament to JPMorgan’s strong position in the depositary receipt industry,” says Claudine Gallagher, global head of depositary receipts, JPMorgan.