Arnault immediately countered with a conditional offer to acquire Gucci, contending that he could realize more than $50 million in synergies by bringing Gucci together with Vuitton. But Gucci rejected this and subsequent bids. While LVMH continued to attack Gucci through the courts, Gucci shareholders approved the alliance with Pinault at a meeting in July 1999. In November, Gucci acquired Sanofi Beauté, which it split into two companies: Yves Saint Laurent Couture, which produced YSL ready-to-wear and accessories, and YSL Beauté, which managed the fragrance and cosmetics brands. The Pinault infusion and the Sanofi Beauté transactions transformed Gucci into a multi-brand luxury group with nearly $3 billion in cash.