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."

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

Net profit for the period amounted to 84.4 million euros, an increase of 5.5%. Net margin reached 11.4% at June 30, 2010 against 10.3% at June 30, 2009.And operating profit rises 23.3% to 132.5 million euros.

Figures better than what was expected analysts, who believe that the real catalyst (which permits actions M6 mounting) is the group's ability to realize its ambitions in terms of external growth, given the past success of the group the subject cash advance loans.

M6 is in fact actively seeking targets in the areas of DTT, the broadcasting rights and the Internet. However, this strategy is currently hampered by the lack of significant opportunities.

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"The channels are hoping for a second wind

The controversy swells daily. After the Europeans, it is now the boss of General Electric to accuse China of putting a spoke in the wheels of foreign companies. "I'm really worried, I am not sure that ultimately they want that we will succeed," he complained to an audience of businessmen from Italy, reported the Financial Times on Friday.

Last Tuesday was a report of the European Chamber of Commerce in Beijing, which accused China to increase the discriminatory measures. He denounced a "discretionary application of laws and regulations, the registration process unnecessarily complicated and" inconsistencies in the application of national criteria.

In Beijing, many business leaders say the word to cover: it is increasingly difficult to work in China."They understand that they can leave if they are not happy," says a corporate lawyer. Since April, the party newspaper, the China Daily, had sniffed the wind of revolt and was almost threatening."When foreign companies encounter difficulties in their projects (…) if they do nothing but complain that the foreign media and amplify the case without analyzing the merits and slandering the Chinese economy, they will end up delaying the process of improving the investment environment, "he wrote.

Funny way to appease the spirits when President Hu Jintao says it wants to "take concrete steps to reject any form of protectionism and unequivocal support free trade."

The World Trade Organization said in its latest report "Interest in China and its foreign suppliers of more rapid liberalization of China's service industries.But Beijing, which, in a gesture of goodwill, will leave July 15 rebates for export taxes on certain sensitive products, prefer to believe that foreigners "grunt" on account of wages.

Rising labor costs

Demonstration of support to employees of Foxconn, Hong Kong in June Photo credits: AFP

Axa has wanted for years to simplify its relationship with the subsidiary remote. A first attempt to exit the minority shareholders had failed in 2004.

Five years later, the insurer has retried chance. Initially, he hoped to finish the deal with the asset manager of Sydney AMP.

But the scenario presented well oiled by the two partners in November last year had struck again to the independent directors of APH. They found insufficient supply of AMP.

The current buyer NAB had then, to everyone's surprise, invited in the negotiations. On 17 December he announced he had convinced the board of directors of APH with a slight improvement but also provides a payment in cash.

The arrival of the NAB has been even better received in Paris that the bank was modeled on the terms negotiated between AXA and AMP. The French insurer must pay a total of 2.2 billion Australian dollars (1.4 billion euros).This amount represents the difference between the price paid by AXA to buy the Asian assets and the value of the sale of 54% of Axa Asia Pacific.

Gain of 700 million

The exclusive agreement which bound to AMP Axa fell on February 6. AMP did not wish to re-evaluate its offer, Axa was then entered into negotiations with NAB. Since then, the two groups have worked on tax, financial, human resources … prior to the split of APH. The competition authorities should then give their opinion on April 22. Their permission is not granted because the NAB has completed several acquisitions in recent months. If the green light was obtained though the sale of AXA Asia Pacific is expected to close by the end of the summer.

Axa had raised 2 billion euros in November to fund the operation without tension.She will pocket a profit of 700 million euros and will not degrade very marginally its solvency ratio. AXA strengthens its position especially in emerging countries, by acquiring 100% of its life insurance subsidiaries in Hong Kong, Singapore, Malaysia, Indonesia, Thailand … Following the operation, 24% of new business volume group (life insurance) will come from emerging countries, against 15% a year earlier.

The year 2010 promises to be an already exceptional year in terms of operations of acquisitions in the insurance industry. Prudential and MetLife signed historical transactions with the former life insurance subsidiaries of AIG paid respectively 35.5 and 15.5 billion dollars. The takeover by Axa Asia Pacific NAB for about $ 11 billion in third place.

In Australia, the S & P / ASX 200 loose 0.86% at 4830 points. In New Zealand, the NZX is maintained close to equilibrium, gaining 0.05% at 3233 points.

Friday evening, the Nikkei 225, which will resume its listing tomorrow, Tuesday, had closed up 0.75% at 10,824 points. Wall Street has ended in the red. In the absence of major economic indicators, investors took their profits.

Crude prices were trending lower Monday in electronic trading in Asia, continuing a trend from last week, reflecting the stronger U.S. dollar, dealers said. In morning trading, a barrel of light sweet crude for April delivery yielded 50 cents to 80.18 U.S. dollars while the price of Brent North Sea for May delivery retreated 39 cents to 79 $ 49.

Rio Tinto open trial

The highly anticipated trial of four employees of mining giant Anglo-Australian Rio Tinto, accused of espionage and corruption, opened Monday in Shanghai, the metropolis of east China, said a spokesman of the court. "The trial is open to the public," said the official, Wang Haiwen. The CEO of Rio Tinto, Tom Albanese, said he was "very concerned".

Greek Prime Minister George Papandreou, had presented new budget measures, including freezing the salaries of all officials at the last moment on Tuesday evening. The Commission appreciated the welcoming approach.

The approval of Brussels is not a blank check.The Commission "calls on Greece to explain the tax measures announced and the timetable for their implementation in the coming weeks" and ", more detailed measures to be implemented in 2011 and 2012.

Athens will be placed under surveillance free credit reports . "The way to help, not only applaud, is to establish a monitoring tool and monitoring the implementation of this program" fiscal recovery, "said European Commissioner for economic, Joaquin Almunia. "For the first time we put in place a monitoring system as intense and almost continuous, but is necessary given the circumstances."

Confidence does not reign. Greece has for several years, played the unreliability of its statistics.In this regard, it will be an infringement procedure.

After the announcement of the Commission, the Greek bond yields back down to 6.516% against 6.742% on Wednesday morning around 8:30.

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Markets were awaiting major publications in the United States. Around 12 o'clock, the President of the United States, Barack Obama has proposed a 2011 budget of 3.834 billion dollars. The White House said Monday that the draft budget for next fiscal year (October 2010-September 2011) showed a deficit of 1.267 billion dollars, down 19% due to higher expected revenue.In the afternoon, indicators follow overseas spending and household income for the month of January (1430), construction costs for the month of December (16 hours), the ISM index of manufacturing activity January (16 hours). On Friday, the U.S. GDP figures for the fourth quarter, came out up 5.7%.

The results season of American companies continues its course on Monday with those of Exxon Mobil, the world's oil.

In France, prices for production in French industry decreased by 2.9% in 2009, a decline limited to 1.3% for foreign markets, according to figures released Monday by the INSEE. In all markets (French and exports), the producer prices are down 2.4% a year, says the National Institute of Statistics.In December 2008, prices remained stable (0%) in the industry for the French market.

Sales of new vehicles surged 14% in January by the Committee of French manufacturers (CCFA).

Side currencies and commodities, oil off again on the rise (+0.22% to 73.21 dollars), while the euro strengthens against the dollar (+0.25% to 1.3899 dollars).

Vivendi unscrewed, Ipsen well oriented

Vivendi (-3.42% to EUR 18.2), largest drop in the CAC 40, was convicted by an American jury to have provided misleading information to shareholders in connection with a proceeding initiated in partnership 2002 in the United States by minority shareholders. The New York jury has acquitted the other hand Jean-Marie Messier, CEO of the group of telecommunications and media at the material time and the former CFO Guillaume Hannezo.

Total (2.67% to 41.99 euros).The oil company should take its decision on the future of the Dunkirk refinery by the end of the first half of 2010.

A reconciliation between EDF (+1.26% at 39.52 euros) and Veolia (+2.18% at 24.36 euros) is not on the agenda, said Prime Minister Francois Fillon, adding he continued to favor a gradual departure of Henri Proglio Veolia.

Ipsen (+3.44% at 39.61 euros), the second largest increase of the SBF 120, published Monday sales up 8.2% for the 4th quarter 2009 to 255.3 million euros thanks to its activities in the medical specialty.

PSA Peugeot Citroen (0.55% to 23.77 euros after having opened down 1.73% to 23.23 e uros) confirmed the preventive recall of 97,000 cars for a problem of faulty accelerator pedal that affects also models of Toyota.Saturday a spokesman for the French manufacturer had told Reuters that the recall campaign targeting models Peugeot 107 and Citroen C1 would cover fewer than 100,000 vehicles.

According to information from BFM Sales of new registrations should increase 15% for the month of January 2010. But on the whole year, the Committee of French automobile manufacturers expected a general decline of 20%.

France Telecom (+1.11% to 16.81 euros after a decline of 0.24% to 16.59 euros at the opening). According to The Tribune.fr, the government has been seized by the telecom authority (Arcep) a request for higher rates for operator service providers Internet alternatives.

However, if this collaboration has borne fruit, it should not be abandoned while the economic recovery remains very fragile, says DSK. "I think we can limit the risk of further storms in choosing the right policies, and maintaining the successful collaboration between states," he pleaded. "We must keep alight the flame of cooperation," he started again, saying that the world is now at a "critical moment" and that "permanence of recovery will depend on decisions taken in the months come by the rulers. " Dominique Strauss-Kahn also called to fight in every possible way to stem soaring unemployment, while reaffirming that States should begin to prepare their "exit strategies".

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But the G20 is especially for Korea the opportunity to switch permanently to the big boys. Member of the OECD since 1996, it still suffers from an image of countries whose development it would get rid of. The prospect of the chairmanship of the G20 now gives him the means to take the step that separates the camp from rich countries.

The government does not say. But the past of heavy industry in Korea, automotive, shipbuilding, which earned him once beautiful success in foreign markets, it sticks a little too much skin.The "green growth" advocates now she must give him the tools to turn the page. "It's a gamble on new technologies and innovation," said Lee Dong-keun, Deputy Director, Department of Economics.

Behind the Japanese

The automaker Hyundai knows, like many Korean business leaders, he launches into this race with a long lag behind the Japanese. "But we are confident and ready to fight," he said. "The technology is a challenge that we face at the same time as we are moving increasingly towards service activities with high added value," added Chung Tong-soo, head of Invest Korea, the national agency promotion of foreign investment in the country.

The government were eleven service activities he wants to deregulate, including banks and health.Two very promising market for foreign investors, which ensures the state, are also associated with major projects related to green agenda of President Lee Myung-bak. The details of their participation have not been finalized, but they are "in December," says Yoo Beom-sik, director of international cooperation in the presidential committee for Green Growth. And until the country increasing the economic zones. No fewer than six are currently under construction.