Sanofi-Aventis sticks to its $69 per share offer for drugmaker Genzyme

Sanofi-Aventis has not changed its offer of $69 per share for drugmaker Genzyme, it said yesterday.

Genzyme rejected Sanofi’s offer, claiming it had dramatically undervalued the US company.

But Sanofi spokesman Jean-Marc Podvin said yesterday: “We have one offer at $69. No other offer has been made ... We would like to enter into a dialogue.”

He declined to comment on a Wall Street Journal report released over the weekend that said Sanofi had approached Citigroup and Bank of America about additional financing as it contemplates raising its $18.5bn (£11.6bn) bid.

Industry analysts said the fact that Sanofi may have roped in more lenders did not change prospects for a deal as funds were already available for the move. Sanofi has said it already has financing from JP?Morgan Chase, BNP Paribas and Societe Generale.

The French drugmaker wants to reach an agreement but has not ruled out a hostile offer made directly to Genzyme shareholders if its efforts continue to be blocked.