EU gives approval to Sanofi bid

French drugmaker Sanofi-Aventis won European Union regulatory approval yesterday for its hostile $18.5bn (£11.7bn) takeover bid for US biotech firm Genzyme, saying the deal would not reduce competition in Europe. Sanofi has offered $69 a share – or $18.5bn – to acquire Genzyme, but the price has been rejected by Genzyme chief executive Henri Termeer as too low.