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The leaders of the U.S. biotechnology group Genzyme had said they would not sell below $ 80 per share. Sanofi-Aventis announced Sunday that he still has a dialogue with the American biotechnology company that wants to buy, based on a price of about $ 18.5 billion, or $ 69 per share, confirming persistent rumors since July. This represents a premium of 38% over the closing price of 49.86 dollars per share of Genzyme July 1, just before it was boosted by rumors of acquisitions, Sanofi said in a statement. The transaction would be solely in cash.

The French pharmaceutical group had remained silent since the leaks in the press last month about his interest in American business.The CEO of Sanofi-Aventis, Chris Viehbacher, confirmed to Le Figaro that the group would continue its acquisition policy.

'To show our determination not to be threatening at once "

The revelation of the terms of negotiation designed to put pressure on the leaders of Genzyme. However, Sanofi-Aventis does not intend to go on the offensive for the moment: he prefers to continue the discussion rather than to launch a firm offer of redemption."We want to show our determination and seriousness, but not immediately threatening," said Chris Viehbacher Thus, the CEO of Sanofi-Aventis said in an interview published in Les Echos on Monday.

Chris Viehbacher business daily said that Genzyme, for his group, represents "a way to add a platform for sustainable growth, when we lose large volumes of sales with the arrival of generic Plavix in Europe, and Eloxatin and Lenovox United States. "He emphasized the" high value "of drugs developed by its target, but judging" expensive ".About the possible synergies between the two groups, the CEO of Sanofi-Aventis said: "It is too soon to go into details but it is clear that we can help, especially to solve the production problems faced by Genzyme .

A world leader in the development

The main shareholder of Sanofi-Aventis, L'Oréal and Total, is shown also reserved about the acquisition, fearing that the French pharmaceutical group pays its target too expensive. The Board of Directors of Sanofi-Aventis had warned that he does not go beyond $ 70 per share. Analysts estimated the amount of money available for redemption at about 20 billion euros.

In a statement, Sanofi-Aventis said that "bringing the two companies would create a global leader in the development and availability of new treatments, bringing to each new significant growth opportunities."

Burst in full interim results conference's media group Lagardere. The upscale women's weekly group, Be, merged with rival Envy, edited by Marie Claire group. The information was soon confirmed by the two groups. The announcement should be made official Friday morning after a conference call with two editors. "The proposed merger of two weekly was presented yesterday to the works of two groups, we stated Thursday night from a reliable source.

This approximation Express is surprising. It is the newest upscale women's magazines, Be was launched with great fanfare and publicity to great fanfare last March 19 by Lagardère Active. Positioned as a "new global media brand" (based on a website, TV and radio), Be was unable to stabilize its sales.After a promising start when the title flirts with 230,000 copies sold (OJD, dissemination France paid) Be seen its circulation fall to 171,397 copies in late June Disappointing sales, however, have nothing catastrophic, especially as Lagardère Active has entrusted to bet on a "target distribution of 160,000 copies.

The day before the first anniversary of Grazia

For its part, Envy wipes the same side. Its circulation is over 240,000 copies in February, when launched, but quickly runs out of steam until barely exceed 160,000 copies (OJD) in June … For the group Marie Claire, this result is particularly disappointing . The group had much hesitation and refine its launch for many months before jumping into the water.To minimize risks, the group had even appealed last year to Jean-Paul Lubot, the designer of Closer magazine, the origin of this new segment of the fashion magazine combining fashion and celebrity news.

Today, the merger has any marriage of convenience between two groups who know each other well. Lagardère owns 42% stake in Marie Claire, a group whose participation chaired Arnaud Lagardere wants precisely to separate. Competitors as vendors release, Lagardere Active and Marie Claire have, it seems, have even more incentive to join together to confront the supremacy, particularly in terms of advertising revenue, the third competitor in this sector, weekly Grazia published by Mondadori France sells 179,704 copies (OJD). Irony of the calendar, Lagardere Active and Marie Claire agreed to before the first anniversary of Grazia.

This time, the warning from Standard & Poor's regards the world's largest economy. If the U.S. wants to maintain their "AAA" rating, the highest possible, they should address their enormous budget deficit, said Thursday in an interview with John Chambers, chief of staff of the Department of State debts.

"It is very important to note the status of the U.S. Congress that takes into account very carefully to what the Tax Commission will propose," he told Dow Jones Newswires. Faced with the explosion of the budget deficit, President Barack Obama has established a bipartisan commission (Democrats and Republicans) in fiscal responsibility, whose conclusions are expected in December Guaranteed no fax payday loans. The warning from S & P added that Moody's mid-August.

The Obama Administration has pledged to halve the budget deficit of the state in 2013 and to stabilize the federal debt to 70% of GDP by 2015. The S & P economist has however rejected the scenario of a new recession, preferring to talk of a slowdown in growth.

"The U.S. economy has enough strength to grow by 2% this year and next year," he added.

At a time when the government prepares raising the legal age of retirement, he has surprisingly little publicity to these statistics, however, encouraging. The employment rate of 55-64 age group reached 38.9% in 2009 against 38.2% last year and 37% in 2003, according Studies Branch of the Ministries of Economy and Labour (DARES ).

The trend is especially notable is that despite an unfavorable demographic developments: the employment rate falls to 60 years, yet the 'sixties youth "are more numerous since 2005 as' s acts of war on people born after full-baby boom. By neutralizing this "structure effect", the employment rate of older workers has also increased by almost 5 percentage points since 2003.

However, unemployment was 50 years and older flies.Between March 2009 and March 2010, it jumped by 21.2%, after rising 16.7% the previous twelve months, said the panel of Dares. In fact, the number of seniors looking for employment and the number of seniors who work progressing both. In the first case, for cyclical reasons that should improve. The crisis, plus the gradual end to the exemption from seeking employment, given until 2008 to unemployed persons over 57 years and half is in effect passed by.

Effective retirement age for retirement of 61 years and a half

And in the second case, for deeper reasons. Women are more likely to work. The reforms of 1993 and 2003 from 37 ½ to 40 years the contribution period for a full pension in the private and the public.The effects of the device "long career" – awarded in 2003 to those who have started working very young, fade, because the generations born since 1953 have been affected by compulsory schooling to 16 years.

According to the National Insurance Old-Age, 30 218 nationals of the general system and have retired before age 60 in 2009, against 100,000 to 126,000 per year in previous years. Ultimately, the effective retirement age from 61 years to 61 ½ years for pensioners to live right (that is to say outside widowers). A second consecutive year of breaking up a downward trend in virtually stopped since the early 1970s when the average neared 64.

France remains still lags behind its neighbors: the employment rate of older workers of 27 countries of the European Union is 46%.The majority sees this as an argument for the legal age of retirement, arguing that it is possible to retire at age 60 which explains the low employment rate of 60-64 years. Opponents of the reform them, believe that we must first improve the employment of older before trying to make them work longer.

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Growth "Asian" in the German economy would it an exception in a darkening global economic outlook? If the recovery is underway in Germany at rates higher than expected, also signs of fragility are multiplying on the front of the economy, and the unlikely scenario a few weeks ago a "double dip" – in the new dive recession – until now reserved for a few pessimists, is no longer excluded.

The warning came Tuesday from the Bank of England (BoE). "I think it would be unwise to say that this risk does not exist", said in an interview to The Times Martin Weale, who joined in July, the Monetary Policy Committee of the Central Bank. Martin Weale has raised the risk of rising unemployment, lower housing prices and a new crisis in the banking sector."There could be a sovereign debt crisis or it could be a new crisis of liquidity in the private sector," he said. The economist also said that the BoE's forecast, which assumes 2.8% growth in 2011 in England and 3.2% in 2011, could prove too optimistic.

U.S. housing decline

His remarks have increased the nervousness of the markets, which were significantly Tuesday on the downside. The poor performance of the U.S. housing sector that is highly sensitive for triggering the financial crisis and global recession, have added to tensions.Sales of existing homes, which represent between 90 and 95% of the market in July has been an unprecedented fall of 27.2%, falling to their lowest level since 1995, according to data from the National Association of Realtors (NAR).

The market suffers from April to the end of the tax credit on buying a first home. Shortly before the publication of these statistics, the chairman of the Federal Reserve Bank of Chicago, Charles Evans, acknowledged that the risk of relapse was increased in the last six months but said "it is not the end most probable. " He expressed concern at the continued strength of the recovery, even though the second estimate of GDP in the second quarter, due Friday, should be revised sharply downward to 1.4% against 2.4%.

In Europe, the wave of rigor that will weigh on the recovery. Even rating agencies are worried.Having sanctioned the debt spiral States, first of Pigs (Portugal, Italy, Ireland, Greece and Spain), which has led most states to adopt austerity plans, a study by Moody's published before yesterday stressed the risk posed by these savings measures on growth in the short term and the rating states. These concerns about growth in Europe have prompted the agency to lower its rating on Greece, Portugal, Spain, Ireland and outside the euro area, on Hungary. "We carefully monitor the ways chosen by governments and their potential to generate growth," says the agency remains confident that the marking of France, Germany and Great Britain, even though these notes have weakened since the crisis.

It is a further sign of the global recovery in air traffic. Several companies have decided to return to service wide body aircraft they had left their fleet at the height of the crisis. These appliances over 400 people landed in the Mojave Desert (southern California), the biggest aircraft graveyard in the world, who also serves as a giant car park for all airlines. In late 2009, the AOG stock peaked at 3,700 units or 11% of the world fleet (19,000 had approximately). But last June, and for the first time since early 2009, the number of widebody taken by their owner has exceeded that of the aircraft were parked. Of the 200 units withdrawn from storage, 25% were Boeing 747, according to research firm specializing Ascent Worldwide.

The companies are currently preparing the 2010-2011 winter season, which opens on November 1 and lasts six months.And they have decided to increase their capacity. British Airways will offer 7% more seats than in the same season in 2009-2010. The British company will provide such a service between London and Dallas 747, which allows him to release a 777 on the London-New York. Lufthansa, meanwhile, plans to resume a jumbo jet that had put the garage in Germany after having taken a dozen short-haul type B737 and A320. Asian companies are not far behind. Cathay Pacific has recalled five widebody freighter version, four of which will particularly strengthen the fleet of Air China, the Hong Kong whose company owns 49% stake.

Planes cheaper

The return of wide-body aircraft in the fleet remains measured, under the strong rebound in traffic.It has increased 12% for passengers and 27% for freight in June, according to the International Association of Airlines (IATA). "The danger is to increase capacity too fast and too strong," responds Chris Tarry, an aviation consultant based in London. Conversely, a company that does not deploy enough capacity might miss the train of recovery. All are therefore seeking the right balance.

At Air France, the question also arises, but the company continues, against the current trend observed by Ascent Worldwide, out of its B747 fleet. Nothing illogical. On the contrary: "We are entering our fleet of planes more modern, more economical and more environmentally friendly, as the A380. And we are strengthening our fleet of B777-300, "said a spokeswoman for Air France.And remember that the A380 is an annual operating savings of 15 million euros compared to 747.

Air France has already stripped of three B747. A fourth will join them from November. There are still thirteen 747, including ten in the passenger version in service with the French company, but they are headed in starting with the rise of the A380. The company has received mid-August his fourth super-jumbo, which will link Paris and Tokyo from September 1. The fifth A380 scheduled to enter service next April. Meanwhile, Air France is increasing its fleet of B777, a jumbo jet she ordered two versions: long-haul and Caribbean-Indian Ocean.

Effect "back to earth." The French statistical institute (INSEE) on Thursday published a study that analyzes the household income for the period 2002 -2007. It reveals that the income of rural residents of metropolitan France grew faster than those cities. If one third of the wealthiest households are concentrated on the Ile-de-France, INSEE observed a phenomenon of rebalancing.

Thus in the Ile-de-France and Alsace two richest regions – the median income (note: half the French paid a higher salary, the other a lower income) increased 12% between 2002 and 2007 against 16% average for the whole territory. In Corsica, however, where incomes are lower, median income has jumped 23%.

Migration and the baby-boom

According to INSEE, this phenomenon can be explained by the arrival of wealthier households in small towns.These include urban assets fleeing big cities and their tax burden. But the statistician also highlights a second phenomenon: the impact of an aging population. Between 2002 and 2007, "the number of households 60 years and over grew twice as fast as the total number of households. Meanwhile, the incomes of 60 years and over are rising twice as fast as inflation, "said INSEE. Very active in the campaigns, the generation of baby-boom contributes to rural incomes make up, and therefore the balance of the territory.

Persistent inequalities

But all regions of France have not benefited from this drive. Some economically unattractive or very remote from urban centers remained behind. This is particularly true of the central districts of Britain or mountainous regions.Nord Pas-de-Calais and Champagne-Ardenne also concentrate the lowest incomes.

In these regions, it is mostly young families who are experiencing difficult situations. For the latest revelation of the study reveals that the digging of a generational gap. Across the country, the median income of the less rich than 30 years has increased by 16-20% while that of younger declined by 1.6%.

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The CAC 40, which surpassed Monday night at the close of the bar 3750 points (2.99%), was given a break on Tuesday. At the close, the benchmark index of 0.12% in Paris coward 3747.51 points.

Same atmosphere in the rest of Europe. The London Stock Exchange finished steady, yielding 0.01% to 5396.48 points while the Dax index featuring the Frankfurt Stock Exchange finished up slightly from 0.25% to 6307.91 points.

The markets have benefited from this meeting to take profits. A trend that accelerated after the publication of U.S. statistics of the day. Consumer spending of U.S. households remained unchanged in June, up 0.1% against 0.2% previously announced. Economists had forecast an average increase of 0.1% of consumer spending in June Household income is also unchanged in June at 0.1%.Moreover, the promises of sale on the U.S. housing market suffered an unexpected drop in June The index of the federation of Realtors NAR is thus fell to a new record low 75.7. In one year, the show promises to sell a drop in June from 18.6%.

In addition, industrial orders fell 1.2% in June, while the market was expecting a decline of 0.5% only.

Meanwhile, the euro remains at its highest in three months against the dollar.The euro rose as optimism in Europe and at the same time, the dollar is falling while stock markets also rose overseas and the appetite for risk grows.

The eyes of Sanofi-Aventis Genzyme

Sanofi-Aventis (+0.18% at 45.49 euros) sent a letter referring to Genzyme's interest in the company, according to a source close to the deal, adding that the two companies were discussing the offer.

The chemicals group Arkema (8.83% to 38.07 euros, the biggest increase in score) on Tuesday said quarterly earnings improved sharply, saying it made "its best historical performance" since its IPO in 2006 . Quarterly profit was 119 million euros, against a loss of 114 million euros in the second quarter of 2009.Revenues soared 38% to 1.6 billion euros and the gross operating profit (EBITDA) reached 241 million, against only 70 million a year earlier.

CNP Assurances (-1.74% to 15.83 euros) announced Monday that it bought back 65% stake in MFPPrévoyance, a subsidiary of MFP Services, a group of specialized mutual insurance officials. This stake will cost 86.5 million euros to the French insurer.

Vallourec gives 1.08% to 76.37 euros, most over the CAC 40. Credit Suisse cut its rating to "neutral" to "underperform."

Arcelor Mittal has launched $ 2.5 billion of debt in three parts, according to IFR, a subsidiary of Thomson Reuters.

Yellow Pages lost -1.19% to 8.5 euro). HSBC cut its rating to "overweight" to "neutral."

General Health (0.91% to 11.59 euros).The former manager of French private clinics and hospitals on Monday published a half-year revenue declined 4.7% to 1 billion euros, which also reported an increase of 8.8% in profit operating income, to 80.4 million.

In an interview with Le Figaro, Benoît Potier, Chairman and CEO of Air Liquide (-0.78% to 88.63 euros), says that the big industries have restructured and fully benefit from the recovery.

APRR (Autoroutes Paris-Rhin-Rhone) has resumed trading on Tuesday after his suspension on Friday, following the submission of a proposed buyout offer from its major shareholder, French Eiffage and the Australian investment bank Macquarie .The securities rose 015% to 53.98 euros.

The transatlantic exchange group NYSE Euronext said Tuesday it recorded a second quarter net income of $ 184 million, against a loss a year earlier, largely due to derivatives markets. The title of the group reacted slightly to the Paris Bourse, clinching 0.73% to 22.62 euros in mid-session.

beginning of August euphoric on European exchanges. In Paris the CAC 40 rose 2.99% to 3752.03 points, or beyond the threshold of 3750 points. In London (2.65%), Frankfurt (2.34%) and Madrid (3.2%), the indices show the same optimism. The euro, it is the highest since three months.

Throughout the meeting in Paris, the CAC 40 was worn by banking stocks, while BNP Paribas reported Monday morning a good interim results.Worldwide, banks have been well supported by investors more confidence in the sector, particularly in Europe, and after already good grades stress tests.

The oil sector also outperformed on Monday, while oil was up 2.84% to 17.30 to 81.2 dollars per barrel.

But the boost has been given 16 hours, when the ISM manufacturing activity in the United States has continued to slow in July, the ISM index measuring it has fallen to 55.5, but less expected, according to figures released Monday by the association.A pleasant surprise on the side of the building has boosted the morale of the operators as well.

In Europe, growth in manufacturing output and new orders accelerated, reaching their highest level in three months, according to the latest PMI survey released Monday and conducted by Markit Economics Institute. The PMI index for manufacturing final Eurozone appears already to 56.7 in July against 55.6 in June

Last month, the CAC 40 had already recovered, compared to a decline in June and a memorable month of May in terms of poor performance. Between 1 July and this July 30, the index rose 9.1%. Since the beginning of the year, it remains a decline of 7.45%.Compared to a year ago, it was up 6.3%.

On the values front, we retain:

BNP Paribas (5.27% to 21.5 euros) unveiled on Monday its quarterly results before the market in good order. They are far beyond expectations, thanks to lower provisions. The title gained 4.19% to 54.92 euros. The title brings in its wake Societe Generale (4.67%). For its part, Credit Agricole gained 3.71% to 10.9 euros.

As for the high rise, there are also values related to oil and commodities in general, more expensive that.Technip has been 5.15%, Maurel et Prom, 5.01%, and Arcelor Mittal, the largest increase in the CAC 40 rose 5.81% to 24.75 euros.

Air Liquide (3.43% to 89.433 euros) on Monday confirmed its objective of increasing its net profit in 2010 after an acceleration of growth in sales between the first and second quarter, thanks notably to markets emerging.

France Telecom (2.24% to 16.43 euros) has initiated discussions with shareholders Meditel second operator in Morocco, to acquire 40% stake in it, according to the Moroccan weekly News, suggesting a possible investment of 650 million euros. Title varies slightly to 16.05 euros.

On the other hand, in the red, Areva (-4.04% to 350.05 euros) is at the bottom of the ACC 40.The group released Friday, as expected, half results penalized by an additional provision under the Finnish EPR OL3, but it confirmed its targets for 2010.

Vinci and Eiffage shaped

Eurazeo announced Saturday that entered into exclusive negotiations with the U.S. fund Carlyle for the sale of the hotel chain B & B.Eurazeo gained 4.14% to 50.91 euros.

The construction group Vinci (3.73% to 38.53 euros) was selected Friday by the Government for the concession and the construction of the airport at Notre-Dame-des-Landes, who should take over from 2017 the air service from Nantes-Atlantique.

Eiffage (3.47% to 40.06 euros) published a quarterly revenue up 2.2% and said its order book stood at EUR 10.8 billion at July 1 ( +4.4% at constant since 1 April 2010), more than 11 months of activity.

APRR. The socialist leader Arnaud Montebourg said Friday it has seized the financial markets authority (AMF) to try and block the delisting of Autoroutes Paris Rhin Rhone (APRR) requested by Eiffarie, a joint venture of the Australian Eiffage Macquarie Group