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.

The Elysee revises down growth in 2011

The Elysee has ruled. The growth forecast for 2011 was revised downwards to 2%, against 2.5% initially announced by President Nicolas Sarkozy after a meeting between Prime Minister François Fillon and the ministers of Bercy , held at Fort Brégançon.

Accordingly, the government will fall further fiscal austerity. The state spending will be frozen in value over three years. Ten billion euros of tax loopholes and social will be removed in the fall. In contrast, neither income tax nor corporation tax will be increased. VAT will not hit.

"Are we going to save the plane on social niches and tax everything to create employment, all that is relevant, all that sustains the economy, the answer is yes," said on RTL Budget Minister Francois Baroin.

If the government recognizes that 2011 will be worse than expected, the growth target for 2010 of 1.4%, should be well met, "or even exceeded, welcomes the Elysee. "On the pressure of potential revenue will be fully allocated to deficit reduction."

"After a GDP growth of 0.2% in the first quarter, a growth of 0.6% was recorded in the second quarter," said the Elysee. "Given the rebound in activity, the prospect of growth of 1.4% will be reached or exceeded for the year 2010.This also allows, in line with OECD projections, forecast growth of 2% for 2011. "

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"[This] leads us to the end of September, that is to say, the presentation of the draft budget law to the Cabinet, to be between 3 and 3.5 billion more, which is perfectly achievable, "said Baroin.

The downward revision in growth was expected. Economists considered the unrealistic assumption of the government and rely for their part in an average growth of between 1.5 and 1.8%. For its part, the International Monetary Fund deemed "too optimistic" the official forecast. Recently, Bercy also acknowledged work scenario around 2%.

Growth looks strong in Europe

Slew of good news on the front of the European economy. Drawn by the strong upturn in Germany, data released Thursday confirmed that the recovery is underway in the euro zone. What promise strong growth in the third quarter.

The economic sentiment index for the euro area published by the European Commission rises to 101.3 points in July, against 99.3 in June. It is the highest level since March 2008. The consensus of economists had forecast a flat to 99 points. Nevertheless, inflationary pressures remain subdued.

Increases in this index is due to "more optimistic about the general economic situation and a significant easing fears about the job in Germany, which are descended from 20-4 points, analyzing the Commission. The German unemployment, published also on Thursday, returned to 7.6% in July against 7.7% in June

"There's Germany side, and the rest of Europe on the other," summarizes economists Exane BNP Paribas. In Germany, the economic sentiment has jumped four points to 110.1, its highest level in three years. France is no exception, with an improvement of 2.6 points in the sense of confidence, despite an increase in the number of job seekers in June The Spanish index lost 2.2 points in turn.

Return investment

"The rebound in activity in the euro zone, typical of a recovery phase, due to the need for companies to invest again after a break of two and a half years' analysis does one Exane BNP Paribas. "Having replenished their stocks, companies must renew their equipment.The most telling example: in sectors such as semiconductors and computer overloaded with orders and are seriously under capacity. "

This improving trend in the euro area has also resulted in an increase in retail sales, as measured by the PMI / Markit. In July, the indicator shows the largest monthly increase in two years, "says Markit. "He remains well below the levels of activity in other sectors (industry and services, Ed), but reflects a substantial increase in consumer spending." What promise, according to Markit, a more balanced growth, "pulled the both by domestic demand and exports "in the second half of 2010.

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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

Salaries most dynamic in Germany, France

The basic monthly salary was "slightly more active in Germany than in France in 2009, amid slowing earnings in both countries related to a labor market deteriorated and a virtual stagnation in prices, according to a study published Monday by the INSEE. In the non-agricultural market sector, the basic monthly wage increased an annual average of 2.2% in France and 2.7% in Germany (excluding inflation), a rate lower than in 2008 (three % in both countries).

"This slowdown is due to the deterioration of the labor market in 2009 and the near stagnation of prices, which have dampened wage bargaining in both countries," according to INSEE, using statistics French and German.Illustration of this slowdown, the increase in the minimum wage was 1.3% on 1 July 2009 in France, against 3% on average in 2008, notes the National Institute of Statistics and studies économiques.En Germany, reductions number of hours of work and temporary suspension of increase weighed on earnings, but the slowdown of the basic wage was only 0.3 percentage points in 2009 compared to 2008.

Since the wage agreements are multi-annual index-some grids had indeed been negotiated before the economic crisis.The new agreed increases in the second half of 2009, however, were "much smaller" than previous years and there were very few new wage agreements during this period, noted INSEE.

Virtually zero inflation in 2009

Taking into account inflation, "virtually zero in 2009 in the two countries' basic pay has" increased significantly "on both sides of the Rhine, but again more in Germany (+2.5% after +0.2% in 2008) and France (+2.1%, after -0.2% in 2008).

This comparison between wages in France and Germany came as the country was criticized by some of its partners, including France, to encourage low wages to enhance its competitiveness at the expense of its neighbors.

Germany argues that governments have no influence on the evolution of salaries – there is no general minimum wage in Germany – and has no intention to curb the competitiveness of its companies.

Prudential renounces the acquisition of AIA

Following the refusal of AIG to lower the selling price of its Asian branch AIA 10% Tuesday, the British insurer has finally decided to purchase more than 30 billion dollars. This decision follows weeks of negotiations between Prudential, its partner, British financial authorities but also some shareholders, who felt too heavy redemption fund.

The capital increase of $ 21 million planned by Prudential to fund the acquisition of AIA, has also canceled. The abandonment of the proposed fundraising was announced at last night, a harbinger of the abandonment of the operation, confirmed a few hours overnight pay day loans. The failure of this acquisition is expected to cost 450 million pounds to Prudential, including 152.6 million pounds for breach of contract.

For its part, AIG believes it has "several options to consider about the AIA," In a letter to his employees, Robert Benmosche, CEO of the insurer, owned 80% by the State, in counts " more than we had in March. "

The CAC 40 is expected to decrease

The Paris stock exchange should follow the trend of sluggish markets. In the absence of major economic indicators, investors took profits on Wall Street Friday night. The Dow Jones dropped to 0.35% to close 10,741.98 points. The markets have been particularly burdened by the sectors related to raw materials.

This morning, Asian stock markets are marking time (The Nikkei in Tokyo was closed for holiday). And Friday, European markets finished down slightly after a meeting mainly dominated by technical operations and by tensions within Europe on the Greek crisis.The CAC 40.

The indices on future CAC 40 due April 2010 predict an opening Monday to drop from 0.41% to 3912 points.

No major statistical, neither France nor in Europe nor the United States is expected on Monday.

Thales wins major contract

New twist in the case of tankers. While Europeans appear again on the trail of the contract to U.S. $ 35 billion, with EADS, the Russian company United Aircraft Corp. of Russia (UAC) is expected to announce formally on Monday they joined via a joint venture to an American company to bid.

The subsidiary of Thales, Thales Alenia Space, has been selected by ESA for the manufacture of next generation satellites.The contract, which escapes from EADS Astrium, is estimated at over one billion euros.

Renault and Daimler are tempted to ally payday advance . The two groups are negotiating a cooperation on small voitures.Des exchange holdings are mentioned but unlikely in the immediate future.

Also on the front car, many groups are interested in buying the participation of 20.7% of Renault in Volvo, said Director General of Swedish manufacturer of heavy trucks in an interview to a German newspaper.

Coup of Sanofi

According to La Tribune, heart medicine, the Multaq, Sanofi-Aventis could never be sold. A big blow for the French pharmaceutical group. Moreover, the reform of American health care system was adopted yesterday.The whole sector will remain under observation on Monday in exchange.

The operator Bouygues Telecom will launch in early April a mobile phone specifically designed for seniors, a market that is proving increasingly buoyant and which are already present SFR and Orange (France Telecom) since September, said the specialized manufacturer Doro.

The Elysee Palace has denied reports that Yazid Sabeg, the current commissioner of diversity and equal opportunities, was chosen to succeed Anne Lauvergeon head of Areva.

Analysts said the leadership of France Telecom has the qualities needed to improve its social atmosphere without damaging its financial targets. Social criteria will be considered for the award of bonuses.

A follow today Eurazeo, Seloger.com Transgene and will publish their annual results.

Dubai wants to extend the maturity of its debt

For the first time since the announcement of the moratorium on its debt, which had rocked markets last November, Dubai World this week should initiate discussions with its creditors. Discreetly. According to the Financial Times quoted sources close to the negotiations, the conglomerate duba?ote must submit to its main banks with a proposal to reschedule $ 22 billion of debt.

A spokesman for the Emirate of Dubai, questioned by AFP would not confirm the information daily from the City. This is a "confidential process," he has merely said, adding that "a formal proposal will be presented by Dubai World to creditors in March.

Dubai World could offer, understands the Financial Times, two alternatives to its creditors. Either the banks want to be repaid over several years, but cover the full amount owed.Either they agree to reschedule the debt over the longer term, with the state guarantee, not losing a penny. Still, "according to sources familiar with the matter, nothing is certain" shade the Financial Times.

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Greece borrowed a further 5 billion euros

After the presentation of new austerity measures, Greece has launched a new bond issue market of a maximum volume of 5 billion euros, according to ministerial sources and markets.

It's ten-year bonds that should elapse from Bloomberg at a higher rate of 310 basis points above the benchmark, the German Bund. Five banks have been authorized for this program: Barclays, HSBC, Nomura, National Bank of Greece (NBG), Bank of Piraeus, Greece according to the Agency debt.

"Demand is very strong and this operation will be heavily oversubscribed", announced in mid-morning Ciaran O'Hagan, strategist at Societe Generale."An hour after the launch of the operation, the subscription book (book) had already reached 11 billion euros and the obligation is dealt 35 cents above the final price."

This success contrasts with the alarmist investors in recent days. And because, as the strategist in Paris: "Greece is very cheap compared to its note." Athens has raised over 13 billion euros on the market since the beginning of the year, said Wansquare.

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