Genzyme says Sanofi bid should be much higher: report

29th September 2010, Comments 0 comments

US biotechnology company Genzyme said on Wednesday that a takeover bid by French pharmaceutical group Sanofi-Aventis should be pitched at 80 dollars per share rather than 69 dollars.

In remarks reported by the Financial Times newspaper, the chief executive at Sanofi-Aventis Henri Termeer said that 80 dollars a share was a more accurate measure of the value of the company, bearing in mind the share price before the global economic crisis.

He said that for the bid, to succeed, it would have to include a premium for obtaining control of the firm.

Termeer's remarks appeared to show a more open attitude than previously to the pressure from the head of Sanofi-Aventis, Chris Viehbacher.

Termeer told the newspaper: "This is a process, a dance. Chris has indicated he's in no hurry and I'm not in a hurry."

© 2010 AFP

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