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Sanofi-Aventis Keeps Genzyme Offer at $69 Per Share

From Benzinga (September 27, 2010)

French pharmaceuticals giant Sanofi-Aventis (NYSE: SNY) is maintaining an offer of $69 per share for biotech firm Genzyme (Nasdaq: GENZ), countering rumors that the company had secured additional financing.

Sanofi refused to comment on a Wall Street Journal report that said the company had secured more financing from Bank of America (NYSE: BAC) and Citigroup (NYSE: C).

Sanofi has said it already has financing from J.P. Morgan Chase (NYSE: JPM), BNP Paribas SA and Societe Generale SA, according to Reuters.

Genzyme rejected Sanofi's $69-a-share offer in August. There has been speculation that Sanofi would need to bump its offer for Genzyme to at least $75 a share while some Genzyme investors reportedly want to see an offer of $80 per share.

Posted: September 2010