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Corroborating sources, the board of directors of French pharmaceutical group has voted the principle of an offer to repurchase the U.S. Genzyme. Management has the green light to offer up to $ 70 per share in the specialist biotechnology, which would be valued 18.7 billion dollars.

Currently, Genzyme is worth 18 billion dollars in stock. The stock has climbed nearly 26% in one week, supported by an initial informal approach from Sanofi-Aventis, rejected by Genzyme, and the interest of many suitors, as the U.S. investor Carl Icahn. The Reuters news agency says that Genzyme shareholders are willing to accept a redemption price of between 70 and 80 dollars per share.

Sanofi-Aventis, which must publish its results today, pay heed to potential targets across the Atlantic to develop after the expiration of several patents on several key drugs payday loans for bad credit. The laboratory has notably warned its results last week, after U.S. approval of its generic anti-coagulant Lovenox star. The anti-cancer Eloxin has already been impacted by the launch of generics in the United States. The patent on Taxotere, which must fall to fall across the Atlantic could bring down the sales of that other anti-cancer Sanofi-Aventis. To cope with this increased competition, the group renews its strategy and multiplied redemptions.

Reaction monitored Exchange

At the Paris Stock Exchange on Thursday, as investors judge this new proposed acquisition of Sanofi-Aventis that its interim results to be published before the market opening. The title of the group fell by nearly 25% since the beginning of the year.

The results fell on the strength of major European banks, is to know the verdict of the markets. Since Sunday morning, the stress tests are found in the test and the final verdict remains suspended from financial operators who often weigh heavier than the official figures and insurance.

Only 7 of the 91 banks have failed this test of strength, five Spanish, one Greek and one German. Their capital needs are estimated at 3.5 billion euros. We must add three who crossed the barrier but the recapitalization seems inevitable: the Italian Monte dei Paschi, Allied Irish Banks, Irish and German PostBank.Finally, the majority of European banks, the British and French in particular-seem to have redressed the balance.

The question now is whether the test can, as desired by the European authorities to lift the remaining mortgage, reboot, and finally the pump in credit to promote growth. By Friday, the European Union had welcomed the exercise as a vote of confidence. From Washington, the Treasury secretary, Timothy Geithner, hailed "a major effort towards greater transparency" on the health of the banks of the Old Continent. In markets, the euro rebounded to finish just below $ 1.29 after the close of European markets.Wall Street ended higher.

Consolidating banks at fault

Yet many continue to doubt the severity of the event European or completeness of its cash advance no faxing. Unlike other countries, Germany has refused on Friday to force its banks to publish the figures on a main line of their balance sheets: assets in government securities, ie their exposure to the European budget crisis. In the coming days, a first return to the trust will be the willingness to consolidate the banks at fault.

Weighing his words, the IMF Managing Director Dominique Strauss-Kahn described the stress tests as "the promise of a considerable strengthening of the European financial system. It remains to implement. Greece and Spain have promised for the end of the year.Germany, she announced a major restructuring. This is the interbank market which will provide the second element of discretion. The situation has eased since the beginning of the summer. But lack of confidence, many institutions do not always manage to borrow in the interbank lending market, considered one of the keys to sustainable economic recovery in Europe.

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The UMP fully supports the pension reform and its author, Eric Woerth. To prove his spokesmen have held a press conference, while the Social Affairs Committee of the Assembly had finished examining the text. Dominique Paille, who usually wears a refined language, attacked with vigor to Jean-Marc Ayrault. He accused the owner of PS members to behave in "real filibuster" which "seeks to scuttle the debate by completely unnecessary intrusion. "Those who come to break the menu with shameful look at considerations before intervening in the debate!" He said in a fit of male outrage.

The PS group had set the tone early work of the commission, promising to "constantly incidents meeting" with allusions to the case Bettencourt.The operation was supposed to prove that Eric Woerth was too "weak" to defend the reform. It has not achieved its goal, much to the relief of the UMP.

But the majority knows that it is not the end of his sentences. And many of its leaders are beginning to say that "we" had "made a mistake in the text referring to the back, instead of extending the session to push through July 31. "On", Raymond Soubie. The office of the adviser had convinced Elysee Nicolas Sarkozy to let the summer to prove his readiness for dialogue with unions, while Francois Fillon would rather go fast. The Prime Minister has not been heard. An MP close to him sigh: "In the end, unions have the summer to replenish their unity in a climate rotten history Bettencourt.Of course, what happens in Woerth was not foreseeable, but we know that in France the reform was.

One minister argued

In the Assembly, but also in the executive, some whisper Eric Woerth would do well to "shoot himself the consequences of damage it causes" to his political family. Clearly, to resign, but his departure could be in any way be attributed to Nicolas Sarkozy. "The president supports his minister doggedly, and will not do anything that might suggest that he wants to get rid of, explains it to the UMP. But nothing prevents Woerth demand a cease-fire. "

Apparently, the Minister of Labour is not in that frame of mind. Encouraged by the demonstrations of solidarity that come each day of his camp, he makes a point of honor to lead the reform of pensions. The leaders of the majority will therefore help.The delay until September consideration of amendments on the hardship, including those signed by Xavier Bertrand, part of the strategy. In case of back politically and socially turbulent, the government will need room for negotiation.

The CAC 40 will reach there to stay above the psychological threshold of 3,500 points on Thursday? The answer has been given to opening. The leading index starts from Paris on a gain of 0.94% to 3516.13 points. A mid-term it moves from 1.21% to 3525.42 points. The goal now is to maintain this threshold, which had not been reached Wednesday.

The Paris stock exchange following the pulse of Wall Street on Wednesday, finished on a second consecutive increase of almost 3%, driven by the banking sector. This morning, Asian markets were also all in green.

Other European stock markets followed the same route: the London FTSE gains 1.42% to 5086.04 points in early trade.

The German Dax, meanwhile, gained 0.54% to 6025.32 points.In Germany, the operators were a bit chilled by the announcement, before opening a trade surplus in weaker growth than expected in May. Exports accounted for, adjusted for seasonal variations, 80.8 billion euros (+9.2%), while imports rose 14.8% to 70.3 billion euros. The trade surplus stood at 10.6 billion euros against 12.8 billion in April and 13.5 billion expected. The current account surplus has, for its part, in May represented 2.2 billion euros against 11.3 billion the previous month.

Investors now await the publication Thursday in the U.S., inscriptions weekly unemployment. Before that, the ECB should communicate their rates in the euro area.

The banking sector monitored

The banks have managed to bring the key index in Paris on Wednesday.On Thursday, they stay the course and top the charts. BNP Paribas (2.87%), Societe Generale (2.77%), Credit Agricole (+0.55%) are among the 91 banks submitted to stress tests (stress tests) whose European list been notified Wednesday by regulators. Investors are also relieved that tests the strength of the European banks will not include sovereign debt discount on German and French loans that could also potentially be delisted.

Faurecia (3.57% to 14.95 euros) announced Wednesday it had signed a strategic alliance with China Geely and Limin to develop, produce and deliver systems within the body and the marks of Geely.

More generally, the industry is likely to move throughout the session.After Peugeot (1.13% to 22.45 euros) is the turn of Renault (1.39% to 32.79 euros) to publish its first half trading results this Thursday. Given the success of the Dacia its competitor, Peugeot would also consider launching a low cost car in Europe.

GDF Suez (+0.08% at 24.61 euros) Wednesday reported a rebound of 10% of gas demand in Europe since early 2010, after a decline of 5% in 2009.

Carrefour (1.07% to 34.56 euros) announced Wednesday that he did not buy certain products in paper group in Indonesia Asia Pulp and Paper (APP), for environmental issues.

CGG Veritas (1.63% to 15.63 euros) announced Thursday that the overall availability of its vessels was 92% in the second quarter 2010, against 90% in the first and 89% in the second quarter of 2009.

Total (1.87% to 37.90 euros) enjoys a higher recommendation by UBS.The broker passes the purchase cons "neutral" before.

A year after its introduction, the majority and the government seem divided on VAT at 5.5% in restaurants. To reduce the government deficit, Budget Minister Francois Baroin, this plane would "very, very large niche for tax, estimated at 3 billion euros Bercy. Its minister, Christine Lagarde, has cropped Tuesday morning: the reduced rate of VAT "is legitimate on the merits.

But the revolt against the old promise of Jacques Chirac, applied from 1 July 2009 thanks to the activism of Nicolas Sarkozy, also scolded the Assembly. Without naming the VAT on food, the general rapporteur for the Budget, Gilles Carrez (UMP), has questioned "a number of consumer items that are 5.5% and that should not be at 5.5 %. He advocates instead an intermediate rate to 12%.

Since the introduction of the measure for the restoration, the context is not the same.The government, which has hitherto led a recovery policy, had to change tack in recent months under pressure from the markets. It is now to reduce the deficit. Especially in the planing tax loopholes.

Nevertheless, the statements and Gilles Carrez Baroin were poorly received by restaurants. "It's absolutely outrageous to say that the 5.5% VAT tax is a niche!" Reacts Philippe Villalon, president of the National Federation of the restoration (FNRF). "We buy our products and we sell 5,5% to 5.5%. As is the case for all areas of the mouth.Moreover, if we repeat the policies they want to end VAT at 5.5%, we should not translate that we lower our prices, nor that we hired, as the state would break its part of contract. "

During the implementation of the measure, the restorers had promised to lower prices, to invest and hire. These commitments, which would take over in case of cancellation of VAT at 5.5%, would have been more or less respected. The Court of Auditors estimated last October that the measure would involve only 6,000 new jobs. The profession claims to the contrary today promised 21,700 against 20,000 a year.

The Autorité des marchés financiers (AMF) to better protect investors. Like announced last April, the MFA has launched with the collaboration of the supervisory authority, a new public financial information. His goal? To better inform its clients on banking, savings, insurance, financial markets or the credit. The public will get information on insurance products (home, auto, life, health …), bank accounts, means of payment, bank books or the functioning of financial markets, products collective savings, companies listed on the Stock Exchange, the securities account.

"Applications will be redirected by the operators to specialists of the AMF or the supervisory authority," says Madeleine Guidoni, mediator of the AMF.The policeman of the Exchange hopes to meet customer expectations disappointed that their banks do not have better information about the content of such Fund.

Life buoy

"The financial institution has taken to bad habits for marketing of financial products", regrets the AMF Ombudsman Paperless payday loans. With this new service, the regulator should thus be able to better track business practices of banks and better focus the control activities.

After the merger of the bank authorities and insurance giving birth to the supervisory authority, the creation of this service, as required by the economy minister, Christine Lagarde, is like a lifeline to investors, including confidence in financial markets has been severely affected by the numerous cases of fraud or scam.

Called Bank Savings Insurance News Service, is available in a website – www.abs-infoservice.fr – a telephone helpline – 0811901801 – and a postal address – 61 Rue Taitbout, 75009 Paris. The domestic number is available Monday through Friday from 8:00 to 6:00 p.m..

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Between the French listed companies and U.S. investors, the reports are looking good. Despite the crisis, Paris remains the third preferred destination after Great Britain and Germany. But this affinity could become even more intensity, if we believe a research firm Financial Dynamics on the attractiveness of companies listed on the Paris Stock Exchange with 30 institutional investors on Wall Street. Europe weighs only 13.8% of their portfolio and the size of France went a small 1.6%, which suggests the study, could grow if the managements of French companies were showing "greater transparency and if the publications were more accurate results and frequent. All these qualities, however, already claimed by large listed companies. Yet Americans remain unsatisfied.While 62% feel well informed about investment opportunities, 38% complain that they do not quite grasp the subtleties of the governance and regulation at the French. This does not prevent them from playing for high: 39% of respondents prefer large-cap, over 10 billion euros. And 23% opt for those between 5 and 9.99 billion euros.

To choose between two companies in the euro area, 53% of investors focus first on to dissect the "fundamentals", only 16% consider the prospects for growth as critical. Which is good in this day and age.

While the Tokyo Stock Exchange is closed until Wednesday included due to public holidays in Japan, the Asian markets all move in the red on Monday.

Hong Kong drops 1.36% to 20,821.20 points, 0.91% cedes Taiwan to 7391.74 points, Seoul lost 1.22%, 0.58% in Sydney coward 4779.50 points, fell by Bombay 0 53% to 17,464.90 points and Singapore shows a decrease of 0.98% to 2945.34 points.

Despite the activation of a massive bailout of Greece announced on Sunday by finance ministers of the euro area, markets do not regain confidence. They are worried about further increases in reserve requirements of banks in China, 50 basis points. Banks will therefore retain 14-17% of their loans in chests. This measure, which takes effect next May 10, is supposed to limit loans to individuals and businesses to avoid the overheating of the Chinese economy.This is the third increase since the beginning of the year.

The banking and real estate values at half

Consequently, the evolving Chinese banking stocks down sharply, on Monday, including Bank of China, which fell by 1.72%. Regarding property values, China Resources fell 4.97%, Shimao Property Holdings sells 2.47% Agile Property Holdings or drops 2.17%.

A barrel of oil above $ 86

Crude prices were up Monday in Asia after the announcement of the plan of aid to Greece and because of a probable decline in U.S. production in the wake of the oil spill in the United States.

In morning trading, a barrel of light sweet crude for June delivery took 16 cents to 86.31 dollars, while Brent North Sea with identical maturity, gained 13 cents to 87.57 dollars.

LE FIGARO. – Your estate at the head of Generali was held a week ago by Mediobanca, the main shareholder. The agreement was then found that satisfy you?

Antoine Bernheim. – No. Of course I understand that we did not wish to renew for three years president of 85 years. But in this case, it is obvious that age is an excuse. I do not accept the way things have been made against me and against Generali. Me, I was offered an "honorary president", but not at the board of directors! As for the company, its management has been decided from the outside, in Mediobanca. And he provides a board where no one outside the two managing directors (CEOs, Ed) will not know anything for insurance. They even rejected Claude Tendil, president of Generali France, which is one of the best insurers in the world.Generali deserves better than that. We do not yet know how the powers will be defined between the two managing directors and the president. As for Mr. Geronzi, who must take the presidency, I wonder … This is not an insurer and he always said he did not want this job.

Will you accept this patronage?

Honestly, I do not know yet. Thanks to Mediobanca, I'm not even on the list of directors to be presented at the meeting April 24. Given what I represent in the history of Generali, I think it's an insult. Ultimately, I could accept such a position, if I was director. And then, when we, like me, been kicked out of a masterful kick, one is rather tempted to retaliate. I am.I would add that on April 24, the small shareholders in Generali will, too, have a say.

Vincent Bollore, who is close to you has participated in the council and Mediobanca will become vice chairman of Generali. This does not "compensate" Does not your departure?

Vincent Bollore said he did everything he could within the nominations committee of Mediobanca. I think, though, in reality, I think that he is not against the idea of a withdrawal to my age. He advises me for months already to accept a honorary president for life and the benefits attached to them.Do I need? After all, my phone rings again …

As for the future role within the board of Generali, Vincent Bollore – who, as intelligent and dynamic as it is, is not an insurer – I do not know what he can be when we clearly supports a takeover of Generali by Mediobanca.

What do you mean?

I think if you put me in the door today Generali, because I defend an orthodox management, exclusively serving the interests of the company and its shareholders, not special interests. I also fought for what is Generali of Italy, a treasure, one of his very few companies to be known worldwide. We're number two in France, Germany, Central Europe, in China too (private sector).But for the merchant bank Mediobanca, which is no longer the hub of the Italian economy it was the time of Enrico Cuccia, the issue has always been to return to power at Generali easy pay day loans. What has never been neither in the interests of the company and its customers or the interests of Italy.

The defense of Generali, it was also against the appetites of other insurers. Have you, during your presidency, proposed a marriage with AXA?

My duty has always been to defend, with all my strength, the "Italian character" of Generali. So yes, Axa has always wanted a reconciliation, but I've always been against. And I have often said Claude Bebear.If it was thought at one time or another, the fact that French is the head of Generali was a godsend, he finally had to give in to reason.

Compare yourself today the circumstances of your departure to the 1999?

When I became the CEO of Generali in 1995, it achieved very little of its profit in connection with its object. She was content to sell property to make profits! In four years, I had doubled the turnover consolidated global market capitalization tripled. But Mediobanca from me in 1999. As I said at the time, and this remains true, the recognition is a disease of the dog not transmissible to man!

And then in 2002, Mediobanca, very concerned about the financial situation of Generali, which was lost, asked me to return. What not to the liking of everyone.Antonio Fazio, Governor of the Bank of Italy, has done everything for me put a spoke in the wheels. But he failed. Others were convinced that I would not set goals that I had with the two managing directors: we had developed a considerable business plan, for a term of three years for the management, instead of just one year as was. And as I have done my job, they could not get rid of me … until now.

This special relationship between Generali and Mediobanca did she embarrassed in your plans for the insurer?

Yes, because Mediobanca would not be diluted stake in Generali. They have never wanted me to realize any capital increase. Mediobanca may not, from his point of view, giving room for maneuver to Generali, and I worry for its future.Because if the company has managed to partially rebuild its capital after the terrible financial crisis we went through these past two years, it will not be sufficient to meet future regulatory requirements under Solvency 2 Directive nor more needs to be developed by means not only organic but also by major acquisitions.

At one point, he will make a capital increase. And better sooner than later because the liquidity has been abundant in recent months, will not always what you …

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"What's good with tires is that you can not postpone the purchase for more than a year," jokes Frank Schuhardt, CFO Delticom, Europe's number one sales tires on the Internet. If this mode of marketing is still marginal – it represents only 4% of the total market for replacement – it benefits both the general upturn in demand and development of online sales.

Delticom, whose site is 123pneu.fr French, achieved a turnover of 311.3 million euros in 2009, up 20% and net income of 20 million euros (+ 72.4% ). For Delticom will not be "the Ryanair of the tire business. We want to offer a good balance between our selling price, security of payment to our suppliers and good results for our shareholders, "said Frank Schuhardt.A challenge as to the quality of service rendered, Delticom depends largely on its partners.

Midas offensive

Indeed, the site is not directed only to amateur mechanics can change their tires themselves, balancing included. Like most of its competitors, relies on partnerships with independent garages: 28 000 in the world, including 2 800 in France. Specifically, at the command, the user can choose the garage where he will deliver and mount the tires, according to criteria of proximity, price. "The independent garages are doing brisk business. They do not have the same bargaining power with the tire that Delticom. We bring them new customers, "explains Frank Schuhardt, who believes that the tires are 20 to 25% cheaper on average on the site among traditional retailers.Delticom also prides itself in offering one of the largest selections of tires, if not the largest, with no fewer than 25 brands and 000 references in the catalog (virtual). Enough to satisfy the most sophisticated applications.

The arguments for consumers, while networks like Midas, Norauto, Green Light or Speedy regularly offer promotions on the tires. Norauto for its part has announced the launch of its new tire Prevensys 2. As in any distribution, brand equity are also honored in the area of the tire. In turn, Midas – who belongs to the same group that Norauto – announced in early March to want to open 100 additional centers in Europe by 2010, including fifty in France.

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