1 9 8 8 , ▁Institut ▁M érie ux ▁of ▁France ▁tried ▁to ▁buy ▁a ▁cont rolling ▁st ake ▁in ▁Con n aught , ▁but ▁was ▁blocked ▁by ▁the ▁Ontario ▁and ▁Quebec ▁se cur ities ▁comm issions ▁because ▁the ▁ac quisition ▁fav oured ▁one ▁group ▁of ▁share hold ers ▁over ▁others . ▁A ▁year ▁later ▁on ▁ 7 ▁March ▁ 1 9 8 9 , ▁Institut ▁M érie ux ▁proposed ▁a ▁mer ger ▁between ▁Con n aught ▁and ▁its ▁drug ▁division ▁that ▁would ▁result ▁in ▁M érie ux ▁ow ning ▁ 5 1 % ▁of ▁the ▁combined ▁operations . ▁The ▁move ▁was ▁rejected ▁by ▁share hold ers . ▁In ▁September ▁ 1 9 8 9 , ▁Swiss - based ▁C iba - Ge ig y ▁( now ▁Nov art is ) ▁and ▁California - based ▁Ch ir on ▁Corporation ▁made ▁a ▁joint ▁offer ▁of ▁$ 3 0 - a - share ▁( US $ 7 6 4 ▁million ). ▁Institut ▁M érie ux ▁made ▁yet ▁another ▁bid ▁for ▁Con n aught , ▁to pping ▁the ▁joint ▁offer ▁with ▁a ▁bid ▁of ▁$ 3 7 - a - share ▁( US $ 8 1 3 ▁million ). ▁In ▁October , ▁the ▁Canadian ▁government ▁rejected ▁the ▁initial ▁bid ▁on ▁the ▁ground ▁that ▁the ▁offer ▁could ▁not ▁be ▁jud ged ▁as ▁being ▁of ▁" net ▁benefit " ▁to ▁Canada . ▁At ▁this ▁time , ▁Con n aught ▁was ▁the ▁world ' s ▁largest ▁manufact urer ▁of ▁influen za ▁v acc ines ▁but ▁no ▁longer ▁manufact ured