Genzyme refused an offer below 75 dollars per share

Sell, yes, but not at any price. This is essentially the message delivered by the Director General of Genzyme, Henri Termeer, in an interview with Reuters on Tuesday. The owner of the coveted American society was prepared to sell its group of biotechnology, but not at the price of 69 dollars per share, as proposed by Sanofi-Aventis. "An agreement can be concluded that when the group's strategic value has been properly recognized, he decided.

After rejecting the offer Monday, Genzyme said, however open to negotiations which should, according to Henri Termeer, lasting several months. According to the latter, there is a "high probability" that an agreement was finally reached with Sanofi, given the "strategic needs" of the two groups. But this would require "a reasonable starting point for negotiations."

Sources familiar with the matter have said previously that Genzyme wanted to receive an offer of at least $ 75 per share before committing serious discussions.

The boss of Genzyme said it was too early to say if another candidate could submit a bid. For the moment, neither the company nor its banks have begun efforts to find potential buyers. "Once the process begins with Sanofi, this could change."

Sanofi Aventis remains firm on its position

In response to these remarks, a spokesman for Sanofi-Aventis said in the evening that the group was willing to engage in discussions while maintaining its original proposal. "We are always willing to engage at any time in constructive discussions with the company and its board of directors.

"We believe that our offer provides shareholders a premium of Genzyme strong and attractive that fully integrates the upside potential of the company," added the spokesman.

Sanofi has hinted he could go directly to shareholders if the company Genzyme refused to enter into negotiations on the basis of its current offering. Heni Termeer scans the threat: "I think a hostile situation is unlikely to happen," he said. "We need so much from each other in terms of future value. This could go in that direction but I would recommend to object if I was advising the other party because it is not how things should be done, "said he.

ALSO READ:

"Sanofi and Genzyme: a showdown on the offer price

"Sanofi would go up to $ 80 for Genzyme

The Bank of Japan just to curb the yen

The Bank of Japan (BoJ) is mobilizing to stop the rise of the yen and boost Japan's economy. The institution held Monday morning for an emergency meeting with the agenda to "discuss means of monetary control in the light of recent economic and financial developments," a statement said.

Following the summit, the BoJ decided an extension of nearly 92 billion dollars of disposable monetary easing. Thus, the amounts allocated to fixed rate loans to banks through a special mechanism set up by the end of last year, are brought to 30.000 billion yen (276 billion euros), against 20,000 billion until to now.It has also set up a refinancing operation which adds six months to three months operations already in place.

Low market reaction

But economists doubt the effectiveness of new measures, which will be debated in the day ministerial meeting. Some analysts said they were disappointed by the lack of breadth of decisions announced. The markets have shown little enthusiasm as well. The yen lost ground shortly after the announcement of the results of the meeting of the BoJ, but it then climbed to its highest of the day. Meanwhile, the Nikkei index of Tokyo Stock Exchange has risen by 1.5% while it showed an increase of 3% at mid-session.

Sharp rise in occupational diseases in 2009

The business risk insurance professionals has released its report for the year 2009. The number of accidents has decreased by 7.5% over the previous year, with 651,000 accidents reported. The frequency of accidents fell to 36 accidents per thousand employees, is historically the lowest level. The daily Les Echos who interviewed Stephane Seiller the director of this branch of the health insurance crisis is largely responsible for this decline in the number of accidents. Unemployment and decreased activity in sectors such as construction and metallurgy – 20% of salaried workforce today against 36% in 1950 – explains in particular the improvement. Stéphane Seiller also highlights the increasing prevention efforts.

Bond 9% of occupational diseases

The report is rather more pessimistic about the illness.Despite rising unemployment, they jumped 9% -13.5% a year over the last decade – to reach 50,000 new cases. Almost all of this increase is explained by taking better account of musculoskeletal disorders (MSDs) such as tendonitis and herniated discs … which account for 80% of disease. Better recognition by the French system, but also the consequence of the transformation of labor. The tasks become more routine and stress are the main contributors to the increase in these disorders. The handling of chemicals also cause the progression of certain cancers.Social Security today conducting actions to better detect them.

ALSO READ:

Nearly three quarters of employees say they suffer at work

"Occupational diseases: MSD explode in France

"Musculoskeletal and psychological disorders leading occupational diseases

Banks have again supported the Paris stock exchange

Closing reassuring Wall Street yesterday gave a positive impetus for the Paris Stock Exchange on Tuesday, which has increased its earnings to grow by 1.57% enséance before reducing them after a disappointing statistic across the Atlantic on the U.S. consumer confidence in July.

At the final bell, the CAC 40 is 0.83% at 3666.4 points and preserves the points.Un 3660 this threshold had not been touched since June 22 last. Elsewhere in Europe, the London Stock Exchange closed up 0.27% to 5365.67 points.

French markets were again worn by banking shares. Yesterday, the shares had already boosted the index, in response to the publication of results of stress tests on Friday.On Tuesday, they went into high gear, including Societe Generale climbed 10.59% to 44.22 euros, Credit Agricole, which has soared 10.14% to 10.62 euros and Dexia, which has rose 7.32% to 3.87 euros. Axa and BNP Paribas followed with respective increases of 6.74% and 5.49%.

After trading, the markets will see the unemployment figures for the month of June in France.

In addition, the Department of Ecology has announced that the number of starts of new homes in France fell 0.3% for the period April-May to June, compared to the same period a year ago, while the number of building permits recorded an increase of 25%.

On the foreign exchange market, the euro continues against the greenback.Around 17:30, the euro was trading at just below $ 1.30, but the threshold has been crossed earlier in session.

The U.S. housing close look

Yesterday the key index in Paris managed to keep the threshold of 3600 points despite an early meeting very hesitant. Good numbers of U.S. homes have played an especially comforting to investors. And on Tuesday, rebelote: the Case-Shiller index of home prices meets the individual operators offering. It rose more than expected in May in the United States, +0.5%. The month of May and is the second consecutive monthly increase, a trend that comes after two months of consecutive decline.

But the Conference Board index, published in 16 hours, fell for the second straight month in July fell to its lowest level since February, to 50.4 in July against 54.3 (revised from 52.9) in JuneAn advertisement that has a little cooled investors.

Publication Burst

On Tuesday, the publications will be honored at the Paris Bourse:

Danone (-4.24% to 44.35 euros) announced before market opening a current net profit in the second quarter of 848 million euros and a turnover of 4.386 billion euros.

Altran (7.79% to 3.25 euros) has reported a turnover of the second quarter 2010 from 357.6 million euros (+2.3%). The group expects a significant improvement in the margin in the second half of 2010.

The Land of the Regions (-0.12% to 72.85 euros) published a recurring net profit increased 1.1% to 153.4 million for its first half, with rents of 264.1 million , up 1.7% at constant scope, and an occupancy rate of 94.4%.However, its net asset value, excluding financial instruments, stood at 73.20 euros per share, down from late 2009 due to the distribution of a special dividend for 2009, consisting of 3 30 euros in cash and six Beni Stabili shares, 52.5% owned subsidiary acquired in 2007

Note that M6 and LVMH will unveil their first-half results after market close. Vinci, Compagnie des Alpes and Fleury Michon publish their turnover for the period also after 17:30.At the same time, Air France KLM (+0.69%) will release first quarter results are.

Sanofi repulsed Klepierre sanctioned

The U.S. biotechnology company Genzyme has rejected a buyout proposal made by Sanofi Aventis (-0.94% to 45.15 euros) according to Bloomberg.

Capgemini (-1.1% to 34.98 euros) has announced the signing of a 6-year contract between its subsidiary Capgemini UK and Royal Mail Group Limited (RMG), the British postal service, for its service management computer.

Klepierre (-2.61% to 25.17 euros), revised down slightly its 2010 targets of current cash flow and rents, the prospect of austerity plans in Europe have slowed the recovery of consumption.

Icade (+1.05% at 73.83 euros) on Monday announced a net profit in the first half more than eight times while its net current cash flow per share, affected by the low profitability of its development division, declined 21%.

April Group (-2.88% to 19.76 euros), saw the decline in sales accelerated to 12.9% in the first half. This is explained by the group with a focus on its brokerage business, which should result in a decrease of 25% of the insurance business in 2010.

Finally, Technicolor (10.81% to 0.41 euros), has received a firm offer from the private equity fund Francisco Partners for the acquisition of the "broadcast professional" Grass Valley.

The Asian stock troubled by the Fed

Having showered Wall Street Wednesday, the Fed raises doubts in the minds of Asian investors Thursday. The time is the interpretation of the remarks of Ben Bernanke, although they leave no room for doubt: the U.S. economic recovery drives the global economy is still slow and should remain so. As for the outlook, they are "extremely uncertain". Consider what further support through monetary policy actions.

On Thursday, the publication of new U.S. macroeconomic indicators will take the temperature, including enrollment figures for weekly unemployment benefits, the composite indicator of economic activity and housing resales in June There is also a wait before the release Friday of results of resistance testing What happened to the European banks.

The Nikkei hesitates

In Japan, the Nikkei remains very cautious. The Nikkei continues its trend since its opening in the red, to -0.67% (9216 points). The Topix lost 0.52% to 825 points. In China, the two stock markets' performance different, but both are marked by the reluctance of investors: as the Hang Seng in Hong Kong lost 0.16% to 20,453 points, the Shanghai Composite climbed 0.22% to 2541 points.

Elsewhere, the red is the dominant color. In, Korea, the Kosdaq was down 2.13% to 1285 points, the S & P lost 0.58% to Australia 4387 points and the Indian Sensex drops 0.53% at 17,881 points.

Leader Price opened with big brands

Coca-Cola, Boursin, Gervita and L'Oreal Paris will make their appearance on the shelves of stores Price Leader. A revolution for the brand discount Casino Group, which refused so far to integrate national brands on offer No credit check payday loans.

GDF Suez bid for International Power

The rumors have picked up this weekend in the British press about GDF Suez and the acquisition of British rival International Power. The group confirmed in a statement Monday morning that "discussions are continuing" on a rapprochement between the two groups.

"This merger would be achieved by issuing new shares in International Power profits of GDF Suez, which would become the majority shareholder of the new group International Power," the statement said.

The Mail on Sunday newspaper suggests an offer of 6.4 billion pounds (7.6 billion euros), or 420 pence per share. It is expected that International Power pays a special dividend in cash to compensate its shareholders.

"The new group International Power is listed on the Main Market of the London Stock Exchange, also states the release.

The Financial Times and the Mail on Sunday explained that negotiations between the two groups, which had ended without success in January, resumed two weeks ago. Through this transaction, GDF Suez wants to both increase its electricity production capacity from 68 to 100 GW and develop its international activities.

The Paris Bourse is limping along

After a pause Wednesday after six consecutive sessions of gains, the CAC 40 has clearly accused the coup on Thursday. The benchmark index of the Paris Stock Exchange lost 1.41% to close at 3 581.82 points. In London, the Footsie loose 0.88% to 5 207.50 points. The German Dax was down 1.10% to 6 141.52 points.

After dégradaton U.S. growth prospects announced by the Fed and the slowdown in Chinese growth in the second quarter, mixed economic indicators from the United States have significantly penalized equity markets in France.

Indicators mixed U.S.

The jobless claims fell to their lowest level since August 2008, during the week ended July 10.

The producer prices fell in June for the second case consecutive month according to figures published by the Department of Labor.After adjustment for seasonal variations, prices for finished goods charged by producers fell 0.5% from the previous month, having already fallen by 0.3% in May and 0.1% in April. Analysts had expected a decline, but much less marked (0.1%).

Finally, industrial production in the United States in June posted its twelfth consecutive month of rise, increasing by 0.1% according to figures released Thursday by the U.S. central bank.

The Federal Reserve has revised the outlook for U.S. growth to decline and now expects growth of between 3% and 3.5% this year, against a range of 3.2% to 3.7% in a previous estimate. The decline in unemployment should also be slower than expected. Further support measures are also envisaged.

Another new arrival is somewhat reassuring to China this morning.The country has announced that the GDP growth amounted to 10.3% from April to June, a slowdown from the first quarter (+11.9%) and the last three months of 2009 (10 , 7%) fast payday loan no faxing.

Several publications in the program

As for results announcements, trucks U.S. could also evolve global ratings: JP Morgan Chase, Google and AMD will lift the veil on their performance in the second quarter.

In Paris, many companies also publish their sales figures this Thursday. This is the case of Carrefour (second quarter), Seb (first quarter), Pierre et Vacances (second quarter), or Stallergenes (second quarter).

The bank suffered

The bad macroeconomic news weigh on the banking sector.This document draws down: Dexia was the biggest drop of ACC (-2.28%). BNP Paribas is also in the red (-2.10%), as Societe Generale (-1.42 %) and Credit Agricole (-1.54%).

The automotive sector resists. The Association of European Automobile Manufacturers (ACEA) has announced a 6.9% decline in registrations in June to 1.34 million units sold last month. Advance Peugeot and Renault gleaning 0.39% 0.03% to 34.78 euros. From his side wins Michelin 0.59%.

Moreover, Metabolic Explorer (-3.82% to 5.29 euro) company specializing in production processes by organic industrial chemicals, announced on Thursday before market sales nil.The group reiterated its goal of placing on the market the first products of technology METEX in 2012.

Eurofin explains on its website on Thursday it recorded a strong improvement in its operating performance and profitability in the second quarter. The group will not give more detail before the publication of its results on August 30 next. Titles leap of 12.92% to 37.49 euros.

Wall Street supported by the results of Alcoa

The U.S. stock markets are another step forward Tuesday. Following the better than expected results from Alcoa, the New York Stock Exchange, like European stock markets continue their progress. The Dow Jones gains 1% to 10,318 points, the Nasdaq rose 0.90% to 2219 points and the S & P 500 climbed 1.03% to 1090 points. The night before, after long hesitation which direction to take, the New York Stock Exchange finished the session up into smaller, undecided before the start of the season results with the aluminum producer Alcoa. The Dow Jones gleaned 0.18% to 10 216.27 points and the Nasdaq 0.09% at 2 198.36 points.The broader index Standard & Poor's 500 index of leading his side to finish by 0.07% to 1 078.75 points.

On the foreign exchange market, the euro dropped sharply against the dollar Tuesday, weighed down by the lowering of the sovereign rating of Portugal in the ratings agency Moody's, which relaunched the concerns about the fiscal health of the member countries of the euro area .

On the side of macroeconomic indicators, the U.S. Department of Commerce must publish the figures for trade balance in May while the Treasury will unveil the state of the U.S. budget.

Publications for

On the side of values, Alcoa started the ball rolling quarterly results yesterday after the close of the NYSE. The group returned in the green in the second quarter, with net income of $ 136 million, against a loss of $ 454 million a year earlier, and expressed "great prospects".For a year, Alcoa had recorded one quarter in the green, in summer 2009, but the whole of 2009 was marked by a heavy loss to the tune of $ 1.15 billion .

Always on the side of values, the burst of U.S. results will continue this week with the technology companies Google, Advanced Micro Devices or Intel and banks JPMorgan and Bank of America. Citigroup and General Electric will unveil their findings Friday.

Also note, a hedge fund, the fund Cambridge, filed a complaint against Morgan Stanley, Goldman Sachs and ten other banks in the hope of recovering lost $ 1.2 billion in securities backed by mortgages subprime .

The internet group Google on Monday launched a new tool, "App Inventor", which should allow all users to create their own applications

Brussels limits the traders' bonuses

Bonuses for traders and bankers in Europe, accused of encouraging rampant speculation during the crisis, will be capped for the first time from next year, following the final adoption of a text with meaning Wednesday.

Two years after the outbreak of the financial crisis of 2008-2009, part of the United States with the bankruptcy of Lehman Brothers, the European Parliament in Strasbourg approved the text, which was the subject of a June 30 Agreement between the elected and the states of the EU.

In 2011, the bonus must not be disproportionate to the fixed salary and cash bonuses will be capped at 30% of the total premium, or 20% on premiums particularly important.

End outlandish bonuses

Much of the bonus will be paid immediately and will not be after a period of at least three years to allow the employer to recover some cases where investment would not work as expected.

Finally, at least 50% of a total bonus will be paid as contingent capital, which can be recalled in case of banking difficulties, so that taxpayers do not end up in the front line when a bank gets into difficulties.

In the case of banks that receive public subsidies, the text also provides that "no variable compensation should be paid the officers of the institution unless it is justified."

"Europe gets the rules of coaching salaries of bankers and traders with the most aggressive in the world," said a French Green MEP, Canfin Pascal, who negotiated the text. "By limiting the proportion of variable pay in total compensation, this text will finally put an end to extravagant bonuses synonymous with extravagant risks," he added.

A text to the liking of the banking sector

"Two years after the outbreak of the global financial crisis, these tough new rules on bonuses will transform the culture of bonuses and incentives to end the excessive risk-taking", claimed that his side the Socialist Arlene McCarthy, parliamentary rapporteur on file at the agreement in principle on June 30

The text is however not to the liking of the banking sector."We believe that the agreement goes too far, because at the international level, there are already some principles" in the form of recommendations that were made including the Financial Stability Board (FSB), had informed the AFP secretary general of the European Banking Federation, Guido Ravoet after the tentative agreement. "We believe that this is not the public authorities to make amounts, percentages," he added, saying that this responsibility should be left to banks.

"If the international level, it does not follow Europe, European banks have a competitive disadvantage," says Guido Ravoet, who believes that "financial centers like New York, Singapore and Hong Kong will benefit."