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The acquisition by Sanofi-Aventis Genzyme will Does the operation of the summer? Sanofi-Aventis, Genzyme would have sent a letter mentioning his interest in the company, according to a source close to the deal relayed by Reuters, adding that the two companies were discussing the offer.

According to the agency, the proposed acquisition would be valued around $ 18.4 billion, or $ 69 per share. For several days, analysts forecasts of competing on the amount of the bid. The Wall Street Journal, the offer of French would be between 67 and 70 dollars per share valuing the American between 17 and 18.8 billion dollars.

Genzyme is not ready to accept an offer below $ 80 a share. But analysts said Sanofi-Aventis could make a first offer around $ 70 per share to acquire the U.S. biotech. What it would raise its offer to $ 80.A price for analysts remain quite tolerable for the French group. Quoted by Reuters, one analyst said that "70 dollars would be a first offer" and that "at $ 80 it remains a good deal for Sanofi. Same story for another sector specialist who believes that $ 80 "operation creates value in three years that will follow."

Sanofi single buyer under Citi

As for Citigroup, estimated that Sanofi will likely be the only buyer of American specialist on rare diseases and will pay between 74-77 dollars per share, or 19.7 to 20.5 billion dollars (15.0 to 15 6 billion euros). They add that the French lab could launch a hostile bid if Genzyme resists and present its offer directly to shareholders.He continued: "shareholder Relational Investors, Carl Icahn, who hold respectively 3.8% and 4.9% from Genzyme, could be satisfied with an offer around $ 75 since they bought at 61 and 54 dollars. In fact, an agreement would be accretive to $ 75 4% in 2011 and 13% in 2013 for Sanofi, analysts have calculated the Citi.

At Raymond James, Eric Le Berrigaud doubt that "70 dollars is sufficient. Starting at $ 70, is ready to go up to 80 dollars, "he notes. "And at 80 dollars it is not certain whether all the guarantees of success because it is about the level or action Genzyme was before its production problems. The biotech has indeed experienced last year a series of production problems on its sites in the United States, which continue to weigh on its business.

A fourth analyst insists that Sanofi is expected to launch its bid for Genzyme even if it does not create value for the group's objective is to increase its earnings per share. "For the operation to bring value, it should pay less than $ 70 per share, or about 64 dollars," he says. "If Sanofi launches operation beyond, is that the group favors a financial logic in the short to medium term to close down its results and not the logic of value creation."

Doubts to find a "white knight"

Sources familiar with the case, it said last week that Sanofi had sent a letter to Genzyme with the terms of its offer. This offer would be "friendly" at first but may become hostile if necessary.

The Board of Directors of Sanofi would have authorized an offer of 18.7 billion dollars.But Sanofi has financial guidelines allowing it to raise its offer, that is to say, bring it to more than $ 70 per share. The experts, anyway, doubt that Genzyme is a "white knight" to deal with Sanofi.

Meanwhile, as Genzyme was trading late Monday to end at 70.36 dollars, up 1.15%. In exchange after exchange, the title earned more than 2% to just under $ 72. Since the early rumors, Genzyme shares gained 38%.

The crisis in Greek and the euro area worry the president of the United States. "I am very concerned about what is happening in Europe," said Barack Obama during an interview Thursday with the Russian television channel Rossiya and released Saturday. The nervousness in global markets and the increasing concern of investors towards the debts of states caused by the Greek problem posing "serious threats" to the United States, "said Bush.

"I think the Europeans have realized that it was very serious. Greece takes measures very difficult in any case they have put in place a plan that calls for tough measures, "he acknowledged."If we can stabilize the situation in Europe, it will be good for the United States, and it will be good also for Russia."

Realizing the gravity of the situation, the EU should announce before markets open Monday morning, creating a "Community mechanism to intervene" to save the states on the brink of bankruptcy. The European Commission was working on an emergency this weekend to present a convincing ministers of the European economy, which meet on Sunday afternoon.

Reflecting the importance of time, Silvio Berlusconi, Italian Prime Minister, and Nicolas Sarkozy, have decided not to travel to Moscow for commemorations of the end of the Second World War. The French president also meet his ministers Sunday night about the crisis in Greece.

Nevertheless, the United Kingdom has indicated that he would remain behind."We do not want to participate in a European emergency fund," said a British diplomatic source told AFP on Sunday.

Week chaotic

European shares and U.S. were closed on very steep declines Thursday and Friday. Protests against the rigor enameled three died in Athens on Wednesday, and unexplained sudden fall of the New York Stock Exchange during the day Thursday and fear of contagion from the crisis in Spain and Portugal have marked one week chaotic markets.

The statements have increased in recent days to encourage European leaders to act. "We hope to see emerge a strong and rapid European response to crisis", said, quoted by Bloomberg, the Canadian Finance Minister Jim Flaherty, who hosted the G7 on Friday."We call for an answer as quickly as possible given the circumstances," insisted the Australian Minister for the Budget, Wayne Swan.

Some central bankers have started their Sunday meeting fortnightly at headquarters of the Bank for International Settlements (BIS) in Basel, Switzerland. The crisis in Greek and the fragility of the euro should hold the debates, which will include the present President of the European Central Bank, Jean-Claude Trichet.

The Greeks accept the rigor

Nearly 55% of Greeks prefer an austerity plan to bankruptcy, according to a poll published Sunday in the daily Vima. Over 56% are even willing to accept wage cuts. Contradictory result, however, the same poll found that 53% of respondents felt the need to continue to protest against the austerity of the Papandreou government.

The tax shield prevents it really the tax exile? In 2008, when the tax shield has been lowered to 50% of revenues, 821 liable to the ISF have left France, according to figures from the Ministry of the Budget that the Figaro was purchased.

In 2007 when the shield was however 60% – only 719 taxpayers had left France and EWB! Nevertheless, the flow of exiles was more important before the introduction of the shield. Thus in 2006, 846 liable to the ISF were exiled.

In addition, 312 are expatriates tax revenues in France in 2008. It's better than 2007 when they were 246.

In Rio de Janeiro

After busy summer Argentinian soap opera central bank is nearing its conclusion. Justice recently restored two decrees of President Cristina Kirchner, allowing it to dispose of some funds from the central bank to pay the cost of debt. In December, the head of state was taken by surprise Congress, where opposition has a majority, by ordering the establishment of two funds, called the "Bicentennial", one of 4.38 billion dollars the other 2.18 billion, respectively, to pay interest on the debt in 2010 and multilateral creditors.

At the time, the move had been blocked by Martin Redrado, the president of the central bank, on behalf of the organization's autonomy, and justice upheld the ban.Following a showdown with Congress, Redrado was eventually forced to resign and be replaced by Mercedes Marco del Pont, an economist who has always advocated that the central bank depends on the government.

"Mattresses security"

The volte-face of justice is therefore an important political victory for Cristina Kirchner. The opposition has promised to veto at a meeting on April 7 this year, but it remains poorly organized. If it fails to convince, mainly because of proposing an alternative option to pay interest on the debt, considerable this year.

In theory, it would suffice to Buenos Aires to borrow at lower rates and thus postpone the deadlines, but this possibility is prohibited. In 2005, the renegotiation of its debt of more than 100 billion dollars had indeed attracted only 76% of creditors.The remaining quarter has launched legal proceedings in the world blocking any intervention in the financial markets. To justify the use of central bank Deputy Carlos Heller recalls that its reserves reached a record 45 billion dollars. "We do not need a safety cushion as important. Especially with the trade surplus expected this year, the puncture to pay the debt will be painless, "he says.

Ecstatic, the government announced it would open from April 14 a new renegotiation of its debt to creditors who had rejected in 2005. Holders of securities totaling $ 29 billion, including interest, these small shareholders and hedge funds, mainly from Italy, Japan, the United States and Germany, will be offered a new opportunity, probably more generous. The goal is to attract at least 60% of them.

Argentina hopes to turn the page of the default of 2001, the largest in history.

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The austerity plan of the Greek government seems credible to Standard & Poor's. The rating agency affirmed the country's rating to BBB +, "she said Tuesday, ending the period of supervision of Greece. It has nonetheless imposed the Greek note a negative outlook.

"We believe that the fiscal consolidation program of the government to ensure sufficient current rating," said in a news analyst Marko Mrsnik. The rating agency Fitch also grants the BBB + debt Greek.

This decision should be the effect of a pleasant surprise in Athens. The agency S & P had in fact announced in February that it intended to degrade in 30 days the Greek notes. Such a measure would have stored the Greek debt in the class of investments called "speculative".

Athens is not provided out of business."Despite the new measures, we believe it will be difficult for Greece to meet its goal of reducing the public deficit to 5.6% of GDP in 2011 and 2.8% in 2012, it does not implement new measures in the coming years, "said Marko Mrsnik. S & P is in fact the government too optimistic when it expects growth of 1.5% in 2010 payday loans . As a result, tax revenues should not be as high as expected.

Change your

The change in tone of the rating agency came after the presentation of new austerity measures in early March. A plan welcomed by the EU markets.Finance ministers of the euro area have also met again on Monday to "clarify the technical arrangements" for any "help coordinate" for Greece, said the head of the Eurogroup Jean -Claude Juncker. No amount has been officially reported, but the figure of 20 billion euros circulating in Brussels.

The Greek prime minister has asked again for his part in the European Union to demonstrate solidarity. "We need the solidarity of Europe to combat financial speculation," he said Tuesday. He said the establishment of a "European Monetary Fund to promote economic growth and competitiveness is necessary.

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The crisis has changed the ranking of richest people worldwide. The twenty-fourth annual list prepared by Forbes magazine, published last night in the United States, and devotes the Mexican Carlos Slim as the richest man in the world with a fortune estimated at nearly 53.5 billion dollars. This is the first time since 1994 that a non-American held the top of the podium. The Mexican telecom tycoon saw his fortune grow by $ 18.5 billion last year to 53.5 billion, allowing it to anticipate a short head Bill Gates, the cofounder of Microsoft, which does is only the second man on the planet in terms of wealth, with – only – $ 53 billion portfolio payday loan . Warren Buffett, the legendary boss of the investment company Berkshire Hathaway, retrograde from second to third place.

The Paris Bourse is scheduled to begin this week on an optimistic note. The future CAC 40 up 0.63% at 3934.50 points, an hour of opening, leaving hope for a session in positive territory. The Paris markets should broadly follow the movement driven by Asia Market earlier this week. The Japanese Nikkei closed up sharply (2.09%), carrying with him all the financial centers of the region.

This optimism comes from the U.S. figures for employment, less bad than expected, published Friday (36,000 jobs destroyed destruction cons 50,000 expected). Statistic reassure markets that see it as a sign of recovery very explicit. Especially as the consumer credit in the United States also sets out again on the rise (4.96 billion dollars in January). Both information had enabled the Cac 40 to exceed the 3900 points at the close Friday.Maintaining this level will be one of the objectives of investors on Monday, before setting off to the 4,000 points.

Japan, meanwhile, announced Monday a current account surplus (899.8 billion yen), compared to the deficit recorded last year in the same period (132.7 billion yen).

On Monday, markets will keep an eye on the index of business sentiment of the Bank of France, published before the commencement of trading (8.30). German industrial production for January will be known 12 hours.

EADS in the collimator

The defense group EADS said on Friday reached an agreement in principle with client countries on the financing of the military transport plane A400M. This also held Monday in Paris a crucial meeting on the fate of the military plane, which displays almost four years behind the counter.

The director general of Cr?dit Agricole, Jean-Paul Chifflet, revealed in an interview with Le Figaro, his long-term goals. "If we find other opportunities for collaboration to reduce intermediation costs for our customers, we will. With the Company generally or with others, "he said as well. This information may affect the securities Societe Generale and BNP Paribas.

In an interview with Le Figaro also Antoine Frerot, CEO of Veolia, reaffirms the group's objectives, including "after-tax profit of at least 9% and operating profit up 4% on average annually.

The central works of extraordinary total stands Monday.Employees of Dunkerque, on strike since January 12 this year, threatening to spread the oil available to them if management does not accede to their demands.

As for publications, Biomerieux announced on Monday a net profit in 2009 of 148 million euros, above expectations. The group table for the period 2010-2015, an average annual growth of between 7% and 9% at constant exchange rates.

The annual results of cements French gather today. Just as those of April, after market close.

After criticizing the organization of the nuclear industry, Henri Proglio blames the system of distribution of gas and electricity, according to the financial daily Les Echos, Henri Proglio would have felt during a trip to Mount de-Marsan January 25 last, that the current organization involving EDF and GDF Suez in the distribution of gas and electricity, through their respective subsidiaries and ERDF GrDF, figure was "nonsense".

As for unions, the direction in which this issue is not a surprise, but "the idea of separation is a major concern in the year 2010, the newspaper reported.

Already in early January Francony Michel, CEO of ERDF, had indicated that the joint service between ERDF and GrDF was "faced with the necessity of (the) provide organizations and own way of functioning, better able to respond to issues more and more different and sometimes contradictory.

Moving with the times

Force is indeed clear that the context has changed since the time when both companies have been reconciled. EDF and GDF were then public monopoly . GDF Suez is now closed and the market is competitive.

Yet about 45,000 employees, are 95% of the total workforce of ERDF and GrDF continue to work respectively for the maintenance of power lines and gas pipelines.

Henri Proglio recovery and the idea of messing up the organization.But he will face unions and local politicians who advocate mixed organizations and public service mission, and legal provisions, but "around".

The case should take its time …

Michel Francony on an ejection seat

Also according to Voices, the new boss of EDF had proposed to his colleague Michel Francony leaving office, whose mandate expires in 2012. But it should not let them. Implied, another slow and choppy affair prepare.

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Following the proposals made by Barack Obama in order to limit both the size of banks and their risk-taking, the banking and financial markets have reacted badly. In exchange, the bank shares continued to tumble yesterday began to regard the U.S. markets. Do not panic however, as the project of U.S. President does not imply that the industry feared most: a dismantling of the largest U.S. banks. However, fear of an escalation, particularly during the passage of these proposals to Congress was clear Friday.

Eager to appear aggressive towards large banks unpopular elected officials of both parties could, for example, insist on a return to the previous rules in 1999, prohibiting commercial banks from entering the market trades.This would lead to force a breakdown of major banking groups like Bank of America-Merrill Lynch, Citigroup and JPMorgan Chase.

This is not the will of the White House. But Republican John McCain and his Democratic colleague Maria Cantwell nevertheless, for several days, submitted a proposal to that effect. "It seems that many proposals of President Obama going in the right direction," said former Republican candidate for the presidency. "Let's try to solve problems", commented the other hand his Republican colleague from Arizona, Jon Kyl."Do not seek a scapegoat that diverts attention from the mistakes of this administration," stated the curator.

New Principles

The Democratic chairman of the Committee on Financial Services of the House of Representatives, Barney Frank is aware of the danger of an escalation develop paydayloans . While he endorses the new principles set by Barack Obama, seven months after the introduction of the reform project finance. But he said he is not totally prohibit the "own-account trading 'of the banks.

While banks such as JPMorgan Chase and Goldman Sachs would be proposed by the White House forced to get rid of some of their activities in the capital and to abandon some of their own trading account.But Barney Frank said, "it would be wrong to demand that banks are withdrawing quickly from all hedge funds and private equity funds involved." The influential Democrat feared the consequences of massive sales made in an emergency.

Tim Geithner, Treasury Secretary, has lost influence in the White House in this case. He was dismissed in June, the approach taken today by Barack Obama to reform Wall Street. He feared that it unnecessarily complicates the debate. Before a group of bankers, closed Thursday night, he confirmed his reservations. Geithner seems to feel that the activities listed are not those who most leaden banks.

The immediate fate of the reform is in the Senate. Other more fundamental questions remain to be resolved.Within both parties, Senators remain divided, for example, on the same principle to let the Fed any role in banking regulation.

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The manufacturer's CEO, Carlos Ghosn, was summoned to the Elysee Palace on Saturday to explain about a possible transfer of production of the Clio in Turkey IV. Several questions remain suspended.

Renault To calm the game two months of regional elections, announced by the press this week of a possible relocation of the Clio IV in Turkey has taken a political turn that had not expected the group. Carlos Ghosn, CEO of the diamond manufacturer, had to return to Japan on Saturday to explain his strategy to President Nicolas Sarkozy.

An interview that lasted over an hour and which was also attended by Industry Minister Christian Estrosi and Patrick Pelata, deputy CEO of Renault. "Carlos Ghosn said the Head of State that Renault will continue work and site activity" Flins (Yvelines), the Elysee said in a statement released after the meeting.The site will always French production of current models of the Clio, and that "part of the production of the Clio IV", which should begin in 2013, added the president.

Promises to blurred

After the announcement effect, many questions remain unanswered. Carlos Ghosn confirmed in a statement last night that the well would produce Renault Clio Flins IV, "with a second location in Bursa, Turkey. However, no details on shared tasks. "Speaking today in volume is not very realistic," he defends the boss of manufacturer in an interview with Journal du Dimanche. "The important point is that Flins is a permanent site for Renault and that employment will continue to run." A "term" which is not clearly defined.

For the Socialist Party, who responded from last night's meeting between Nicolas Sarkozy and Carlos Ghosn has "given birth announcements waves. Nothing was said about "the strategy of Renault in Turkey. Nothing about the intentions of the state regarding its stake in Renault (15%) or its representation on the board of directors. The subject was not discussed, according to Carlos Ghosn.

Flins bet on electric cars

Today, Renault wants to focus on its electric vehicle project. The production model Zoe in 2012 and will be entrusted to Flins. "We manufacture in France models with high added value," says Carlos Ghosn at Parisian. And among these, Zoe, "which should represent 60% of our sales of electric vehicles. Forecasts certainly reassuring, but the prospects for electric cars are still unclear to this day.

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