The French government, under Emmanuel Macron's administration, plans to acquire a minority stake in Sanofi SA's consumer-health unit, Opella, as part of a strategy to facilitate a US private equity takeover.

This move is seen as a test of France's willingness to engage in deal-making, particularly in sectors considered strategic, such as pharmaceuticals. The involvement of the government reflects concerns about the country's investment landscape and the perceived need for intervention in critical industries.

The political discussion surrounding Opella emphasizes the importance of paracetamol, specifically the Doliprane brand, which is widely used in French households. However, critics argue that the government's minority stake and job guarantees are not sufficient to address broader issues such as declining public finances and economic challenges. Historical examples suggest that government stakes have not effectively prevented factory closures or job losses, nor have they consistently generated positive financial returns.