Sanofi HQ Searched in French Tax-Fraud Probe, Le Monde Says

Sanofi headquarters in Paris were searched on Tuesday as part of ongoing investigation into suspicions of tax fraud, Le Monde reports.

• Case led by French financial prosecutors concerns suspected financing arrangements set up by Societe Generale transiting mostly through Luxembourg
• Sanofi tells Le Monde financing from SocGen for an acquisition more than a decade ago is now subject to investigation
  • Sanofi says it upheld all laws and applicable rules, and is cooperating with the authorities
• Sanofi and the financial prosecutors didn’t immediately respond to requests for comment
• Sanofi shares pared gains after the report was published and were little changed ...