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.

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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.

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.

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

Resumption of hiring on Wall Street

At the spot where the financial crisis began, the recovery is apparent. Wall Street hiring like crazy in anticipation of better days, according to a study published this weekend by the New York Times.

Nearly two years after the fall of Lehman Brothers and plunging into the worst recession the country since the Great Depression, while the U.S. continues to languish with a persistent unemployment rate to 9.5%, the financial heart of New York recovers to beat him.

It has hired 2,000 people since February. A modest number apparently under the rescue plan 700 billion implemented by the government to save the banks, and 28,000 jobs lost on Wall Street since its peak in 2008 when the industry employed 189 000.

If the sector has hit bottom in terms of job five months ago, hiring is divided since.The pace continues to accelerate, and this recovery is even stronger than the one after the stock market crisis of 2001-2003, according to the New York daily.

This improvement reflects the revival of the New York Stock Exchange, which has made 61.4 billion dollars in profits in 2009, a record high. Deutsche Bank has hired 414 people in New York since the beginning of the year, Credit Suisse hired 600 people in the first quarter worldwide, mostly in New York, Goldman Sachs has created 600 jobs in the first quarter in a global the beginning of the year 2000 and JP Morgan.

Return of the lavish bonuses

At the same time, the copious bonus reappear instant credit report. Despite the recent passage of financial reform, Wall Street returned to "business as usual".Richard Stein, president of Sage Global headhunter, says that a dozen golden boys were offered jobs to more than one million dollars annually.

As jobs continue to disappear or progress to sentences in other sectors such as construction (- 22% since June 2008) or manufacturing (- 14%), the reputation of Wall Street is not close to s' improve nationally.

The recovery of the financial New York nevertheless raises some optimism among economists. When Wall Street goes, America goes well. "Wall Street traditionally hired for a takeover, and it was felt that the economy has hit bottom and it is slowly improving," says Rae Rosen cautiously, an economist at the Federal Reserve of New York .

The health of Wall Street is also great news for the city and the state of New York.20% of tax revenues from the state sector, which contributes 12% of the budget of the city. With wages assumed to average 392,000 dollars a year, against 64,000 for the rest of the workforce in New York, the wealth generated on Wall Street will finance a bloated public sector, with hundreds of thousands of employees in administration of the city, in education and in firefighters …

Retirement: 8% of cases are false

The Court of Auditors has refused Tuesday to certify the 2009 accounts of the branch of the social security pension and its "parent", CNAV. Reason: "A significant number of pension cases (7.56%) is marred by miscalculations, including the impact on the accounts reached 0.78% of the amount of pensions paid in 2009. The process of transmitting data is always assigned to career uncertainties, etc. …

This is the second refusal of the Court to certify the veracity of accounts – it is an "improvement" since 2008 – but this verdict is in full disorder pension reform … Instead, the family branch and CNAF, pinned for 2008 are certified, this time with reservations. Certification with reservations for the branches as illness, injuries and recovery, as in years past.

Eurotunnel candidate for Folkestone-London line

According to information gathered from WanSquare bank, Jacques Gounon, Eurotunnel's Chairman, has received approval of its board of directors for the auction as part of the privatization of the high-speed London-Folkestone .

It was mandated to participate, with the support of several partners including Goldman Sachs, the redemption of an amount between 1.5 and 2 billion pounds. The terms of the auction should be known Tuesday.

The British government announced in 2009 the privatization of the railway line linking St Pancras International in London to the Channel Tunnel. Eurotunnel had declared his intention to stand.

Indeed, the design of this line is based on a technology very similar to that used for the Channel Tunnel, both in civil engineering for the rails, signage, power or control system and communication.

Obama roundly about BP

This reminds us of some strange case Toyota. Less than four months after having heard the Director General of Operations in the U.S. for the Japanese, Jim Lentz, and its CEO, Akio Toyoda, the U.S. Congress will, next June 17, the testimony of an officer of another giant feet of clay, Tony Hayward, CEO of BP. And for the first time.

Obama wants to "kick some butt"

The boss of BP is found in a weak position, particularly after the resounding declarations of Barack Obama. Asked by NBC, Bush pointed the finger at Tony Hayward about awkward. "It would not work for me after these statements," said Bush.We talk with these guys because they are potentially more able to tell me who to kick your ass.

Tony Hayward was heavily criticized after saying a week ago wanted to "get his life before" and the Gulf of Mexico was "a great ocean where the environmental impact of the disaster is very, very modest." Words that had caused such an outcry from the families of 11 victims who died in the explosion and for which he apologized on Facebook. 81% of Americans felt negatively the reaction of BP.

Obama worse than Bush

The position of Barack Obama is not the most comfortable vis-à-vis the American people cheap payday advance. A poll ABC News / Washington Post, 69% of respondents have a poor opinion of the management of the crisis the Obama administration.By comparison, 60% of Americans disapproved of the action of George Bush response to Hurricane Katrina in 2005.

Tony Hayward, who will be the only witness to a hearing entitled "The role of BP in the explosion of the drilling rig Deepwater Horizon and the oil spill, to answer questions from elected members of the Subcommittee on Oversight and Investigations of the House of Representatives.

Two months after the explosion

The hearing will take place almost two months after the explosion on April 20 of the platform which has killed 11 people and caused a huge oil spill in the Gulf of Mexico, affecting the fauna and flora in several states in the southern U.S. coast U.S. including Louisiana.

The head of BP America, Lamar McKay, had already been questioned by several committees of both houses of Congress in May.

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Chérèque clash between Vif and Parisot

Francis and Laurence Parisot Chérèque have severely clashed on Friday during a panel discussion on the emergence of a new social dialogue organized by the Journalists Association of Social Information (AJIS).

The secretary general of the CFDT has accused the president of MEDEF lying to parliamentarians to amend the bill on social dialogue in very small enterprises (VSE) discussed in the Senate next Tuesday and early July at the Assembly ( see our editions of June 3).

"The lobbying done by the MEDEF and CGPME is based on a lie, accused Francis Chérèque: to convince business leaders that will elect staff representatives who will return to the TPE.This is even more intolerable than the MEDEF and CGPME never demonstrated that they are representative of the owners of very small unlike the UPA, and the FNSEA UNAPL who support the bill. "

The secretary general of the CFDT appreciate even less the attitude of the President of the MEDEF Laurence Parisot text and Jean-Francois Roubaud trying to torpedo – CGPME has launched a petition calling for its withdrawal – is based on a Common Position, signed in April 2008 by the CFDT and CGT … with both employers' organizations. "I was tolerant enough," said Francois Chérèque has therefore asked Eric Woerth, sitting two feet away from him, "a law on the employer's representative.

No response Woerth

Piqued, the president of MEDEF has reaffirmed its opposition to the text of the Minister of Labour, which aims to give the four million employees of small opportunity to elect representatives to the territorial commissions optional that parliamentarians now want to limit nationally. "Business owners only want one thing: they are allowed to concentrate on developing their business and they do not impose new constraints," replied the boss of bosses, ready to enter question "once the crisis is over" and the reform of trade union representation buckled.

The President of the MEDEF also recalled that his movement was committed at the common position on trade union representation in April 2008, refer to "a group work, nothing more," the audience measurement and association development of social dialogue in the TPE.

As for the sensitive issue of the representativeness of employers, Laurence Parisot has once again "open debate" but said it would be "difficult to reproduce the mechanism of the election" which applies to trade unions to appoint company representatives. Eric Woerth has not decided. "The minister wants to take time to form his own opinion," says his entourage.

Aid to Greece in five questions

• What is the plan?

The total amount loaned to Greece for three years, is 110 billion euros. The International Monetary Fund will lend 30 billion, 80 billion European states. For the first year alone, the total amounts to 45 billion euros.

Countries in the euro area will lend at a rate of about 5%, well above that at which they borrow their own markets. They must therefore, ultimately, make money with this operation. Assuming that Greece will repay many loans.

• Is it enough?

It is still uncertain. "The loan size is substantial and should fill most of the financial needs of Greece," say economists at BNP Paribas, which predict a total requirement of about 120 billion euros.Rumors from the German Ministry of Budget, Greece would need more than 150 billion euros.

Still, the plan means, Athens will not return to tap capital markets before the first quarter of 2012, according to the Greek Finance Minister George Papaconstantinou.

But everything depends on the success-or failure of the austerity plan set up by Athens. If public spending is poorly controlled, then the budget deficit will fly, Greece will take over, the debt will increase. The deficit will worsen if the recovery is also softer than expected. So the rescue plan would prove insufficient.

• When will funds be disbursed?

It was one of the obsessions of the markets before the official announcement of the plan. Greece was indeed an urgent need for funds: it must find eight billion euros by May 19It should eventually find them without worries thanks to the quick release of the aid by major contributors that are notably France and Germany.

Many states have approved the plan this week (or are about to do), such as Belgium, Portugal, the Netherlands, Italy, Cyprus, Luxembourg and Austria. France has voted the text on the night of Thursday to Friday. The outcome of the vote is no doubt right and left supporting the rescue plan. In Germany, after much wrangling, the plan should also be voted on Friday.

Italy, part of major contributors, will decide the payment by decree and may publish it immediately if needed. Same in Spain.• • •

• • • Other States show less eagerness, such as Slovakia, who refuses, or Ireland, Finland and Slovenia.

• Is it risky to lend to states in Greece?

to believe the rating agency Standard & Poor's, the most severe, Greece 23.08% of risk of default within three years. This is reflected in its 'BB +' rating assigned to it by the agency.

But "if European countries lend to Athens is that they do not believe the risk of default," said Jesus Castillo, an economist at Natixis. The European Central Bank, as the International Monetary Fund believes that a default is "beyond question".

However, "if repayment problems appeared after three years, the loans could be extended," said during the debates in the National Assembly Chairman of the Finance Committee Jerome Cahuzac.to believe the MP, who auditioned Budget Minister Francois Baroin, the latter "has not ruled out a rescheduling of Greece against the eurozone countries since it was envisaged that such debt is not repaid at maturity of three years, but later ".

• How a State debt can borrow to lend to another debt?

Spain and Portugal, being attacked by the markets and in financial difficulty, will lend to Greece respectively 9.79 billion and 2.06 billion euros.

Not to worry, according to Jesus Castillo, "they always have access to the market to finance", in contrast to Greece. Spain has also successfully raised 2.345 billion euros on Thursday at an average rate of 3.532%. Although lower than that at which it will lend to Greece.The Greek operation should be profitable for both countries of the Iberian Peninsula.

On the other hand, the loan granted to Greece will not fill the deficit under Maastricht. For France, the loan will weigh initially 3 billion euros over the budget deficit, it will not affect the deficit calculated by Brussels, by Representative Charles de Courson related remarks Bercy.