InfoAnda - Health giant Sanofi-Aventis launches bid for Genzyme

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Full Coverage Sitemap Health giant Sanofi-Aventis launches bid for Genzyme AFP - 1 hour 54 minutes ago Send IM Story Print Health giant Sanofi-Aventis launches bid for Genzyme PARIS (AFP) - – French pharmaceutical giant Sanofi-Aventis said on Monday it had launched an 18.5-billion-dollar (13.4-billion-euro) bid for US biotechnology group and rare disease specialist Genzyme, a proposal Genzyme management spurned in late August. "Genzyme's refusal to take part in constructive discussions has led Sanofi-Aventis to put forward its offer directly to shareholders," Sanofi said in a statement. The company said its bid, at 69 dollars per share, would remain open until December 10. "It's a substantial price that well reflects the value of the company," Sanofi chief executive Christopher Viehbacher said during a telephone press briefing. He said Genzyme shareholders representing 50 percent of the capital wanted to sell their shares. "They want to sell and do not understand the attitude of management and the board of directors who do not want to sit at the table and negotiate with us." Industry analysts said that acquiring Genzyme would be a major step for Sanofi in a drive by big pharmaceutical groups to become active in biotechnology and treatments for rare diseases. Such treatments require specific knowledge to develop but can be marketed at high prices and are difficult to copy. At 69 dollars, the offer amounts to a 38 percent premium on Genzyme's closing share price, 49.86 dollars, on the New York Stock Exchange on July 1, the date on which reports of Sanofi's intentions first surfaced. Genzyme shares closed at 70.90 dollars on Friday. Genzyme management has until now insisted that Sanofi's proposal greatly undervalues the US group. The company's board of directors rejected a Sanofi overture on August 30. Genzyme chief executive Henri Termeer has said an offer pitched at 80 dollars a share would more accurately reflect the value of the company. Sanofi-Aventis shares early Monday fell 0.82 percent in Paris, a loss that by early afternoon had narrowed to 0.37 percent at 48.11 euros on an overall market that was 0.98 percent weaker. A Paris-based analyst, who asked not to be named, said early Monday that "the market had been betting on a negotiated solution between the parties that would have enabled access to (Genzyme's) scientific and accounting data." He said Sanofi had tried unsuccessfully to secure such access, which could have provided assurances on Genzyme's growth prospects, particularly regarding new products. He added that the uncertainty surrounding the bid in the absence of the data was weighing on Sanofi's share price. Recommend Send IM Story Print News Search Top Stories Health giant Sanofi-Aventis launches bid for Genzyme Europe seeks closer role with Asia giants Big Swiss banks 'must face tougher capital hurdle' Iraq oil reserves overtake Iran Brazil presidential race goes to runoff More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Top economist warns of European 'wave of austerity' Foreclosures bungle could hit US banks Iraq oil reserves overtake Iran Census surveys vast body of global marine life Brazil presidential race goes to runoff More Most Viewed » US state executes first woman in nearly 100 years Workers swarm Europe's streets in anti-cuts protests More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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