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Human Genome Sciences announced Thursday it had rejected an unsolicited offer of his longtime partner GlaxoSmithKline that values ​​around 2.6 billion (2 billion).

GSK's offer, to 13 dollars per share, represents a premium of 81% over the closing price of 7.17 dollars for action Human Genome Wednesday night, but the U.S. group believes it does not reflect its intrinsic value.

In pre-market Human Genome soared over 100% to trade at just over $ 15, a sign that the market is betting on a bidding war in this new battle that promises to within a pharmaceutical industry recently marked by a wave of consolidation. 

Human Genome, American laboratory that specializes in gene isolation and identification of their function in the development of new drugs, said banks have mandated Goldman Sachs and Cre Swiss said the counselor.

First British pharmaceutical company, GSK said he was disappointed in a statement of rejection of his offer without discussion. The group confirmed its offer, stating that the proposed price of $ 13 would be paid in cash.

He also said to expect the transaction provides for the realization by 2015 at least $ 200 million of cost synergies, and that it will be accretive to from 2013.

If GSK has been a tendency in the past not to buy out partners with whom he works, the rumor of an offer to GSK on its U.S. partner ran long, the two companies already collaborate ; over several treatments, including Benlysta, the first new drug against lupus in more than half a century.

Navid Malik, analyst at Cenkos Securities, indicates that GSK extremely knowledgeable Human Genome and must point to a potential value in excess of one Benlysta. 

Both groups are also working on a project called darapladib treatment of heart, now in the third and final phase of experimental tests.

If product development is going to an end, analysts see it as a "blockbuster" possible multi-billion dollar per year, although the molecule is also accompanied by a high level of risks.

A banker in the health sector considers the offer of generous and GSK believes that certain shareholders of Human Genome could accept it.

Others, however, prefer to wait an increase of the price. They know the appetite of big pharmaceutical companies for biotech in their search for new growth after the expiration of patents on several of their blockbuster drugs.

As recently as Wednesday, the American Illumina rejected a hostile bid of 6.8 billion dollars (5.2 billion euros) of the Swiss laboratory Roche Holding.

U.S. stocks open on a technical rebound Wednesday after five sessions of losses on the S & P 500, investors seemed encouraged by the results published by the giant Alcoa aluminum, the first of the season.

In early trade, the Dow Jones gained 0.8% or 103 points to 12,822 points. The Standard & Poor's, wider, takes more than 1% or 14.10 points to 1372.81 points while the Nasdaq composite was ahead by 0.9% (26.61 points) to 3017, 80 points.

Alcoa wins over 7%. The group, considered a good barometer of the U.S. industrial sector, has emerged, to everyone's surprise, a positive net income in first quarter 2012, the for improved market conditions.

The Spanish government announced Monday that he wanted to save ten billion euros in the areas of health and education.

"We need to cut unnecessary costs, streamline the sectors that do not work well, because if we do not, we can not guarantee the viability of the system," said Minister of Economy, Luis de Guindos, invited the SER radio.

The government of Mariano Rajoy last week presented a draft budget for 2012 includes € 27 billion reduction in public spending as part of a reorganization plan intended to bring the public deficit to 5.3% of GDP against 8.5% last year.

Expected savings on health and education in addition to this effort. 

The Spanish health system, shared between central government and executives of the 17 autonomous regions, is a debt of 15 billion euros.

According to Luis de Guindos, one of the lines of inquiry could focus on free public health services offered to the Spaniards, whatever their income.

"We need to open the debate, both within the central government in the regions, on whether health should be free for someone earning 100,000 euros (per year)", said the minister. 

In terms of education, Spanish media report that the government would consider a lower number of teachers, that would offset an increase in the number of students per class , and higher tuition fees in universities.

The Popular Party (PP) Mariano Rajoy, who has an absolute majority in Parliament, also controls eleven of the 17 autonomous regions.

In the U.S., the paychecks of the largest companies grew only by 1.4 during the past year against 11% in 2010, according to a study published by the Wall Street Journal. According to the firm Hay Group, the remuneration of the boss of Apple, Tim Cook, is estimated at $ 378 million in 2011.

The remuneration of top managers in the U.S. rose 1.4% in 2011 against an increase of 11% in 2010, according to partial results of a study released Monday by the Wall Street Journal. "Despite a sizeable increase in earnings and business income, earnings of 65 bosses in office for at least two years rose by only 1.4%" in 2011, says the U.S. daily.

The Wall Street Journal explains the stagnation in the bond of increasingly close relationship between compensation and employers' business performance, because of the "monitoring" of shareholders and the "pressure" the Securities and Exchange Commission (SEC ). The SEC, the U.S. federal agency to regulate financial markets, calls for "more details" on how companies pay their executives, which complicates the payment of bonuses by adjusting in-year objectives, explains daily.

The partial study, conducted by management consulting firm Hay Group, based at the moment of 75 U.S. companies, whose net income grew 17% in 2011. The full study, which involves 300 companies, will be published "later this spring," announces the Wall Street Journal. According to preliminary results, the median earnings of bosses is 9.4 million in 2011, against $ 9.3 million according to comprehensive study of 2010.

The remuneration of the boss of Apple, Tim Cook, is estimated at $ 378 million in 2011. That of the boss of media group Viacom, Philippe Dauman, who dominated the rankings in 2010 with a salary estimated at $ 84.3 million, is 42 million in 2011.

The title Exonhit significantly lower Thursday at the Paris Bourse after the publication of 2011 results considered very encouraging for the future of the biotechnology company, according to stakeholders.

For the past year, Exonhit reduced its loss to 7.1 million euros, against a loss of 7.7 million in 2010, and indicated that on 31 December 2011, his strated ; Flow was $ 12.9 million, giving it about 24 months of cash.

She also announced today have repaid all its long-term debt.

Turnover dropped to 5 million euros last year, against 8.4 million a year earlier. 

The company claims to have achieved savings in 2011 of two million euros in a full year after abandoning a planned acquisition and cut expenses on clinical Aclarus DX, the blood test of Alzheimer's disease.

Present equally in the market for drugs for neurodegenerative diseases and the diagnosis, Exonhit gives no numerical targets for 2012 merely say "more than ever" confident in achieving its prospects.

"The year 2012 will Exonhit to that of expanding our portfolio of diagnostic products, its own or in collaboration, while maintaining a solid financial structure," said the pre Chairman of the Executive Loïc Maurel, said in the statement of results. 

At 11:10, the action Exonhit lost 9.36% to 1.84 euros in large volumes, showing a market capitalization of 62.78 million euros. At this price level, the title was up 73.6% since the beginning of the year, after a loss of 48.29% last year.

At Bryan Garnier, Sebastien Malafosse the analyst points out that the market "expects a start-up Exonhit as it invests in its future development rather than focus on reducing of its cost structure ".

The views of the steps taken in 2011, he continues, "the road is still long for Exonhit and maturity of 24 months of cash could happen quickly."

With other analysts, however, it notes that the action has Exonhit, like those of other biotechs, gained much ground in recent sessions, so the decline of this morning can also be explained by profit taking.

The deficit of state budget has decreased by 0.9 billion euros in January over one year to 12.5 billion through the sale of 4G mobile frequencies. View of the Ministry of Economy and Finance at Bercy.

The deficit of state budget has decreased by 0.9 billion euros in January over one year to 12.5 billion euros, thanks to the windfall of allocating 4G mobile frequencies, said Friday the Budget Ministry. The state expenditure were however up to 31 January from a year earlier, but this progression, "consistent with the prediction," is due to "an increase in the rate of recognition" earlier this year, ensures Bercy in a statement.

Expenses (general budget and levies on revenue) reached the end of January € 32.8 billion against 26.3 billion the same date of 2011, the departments' management in 2012 to start faster. " According to the ministry, "the expenditure has not been late and has already reached its cruising speed", and so do not see a skid. As for revenue (net of refunds and rebates), they improve to 23.4 billion against 20.5 billion at January 31, 2011. The net tax revenues are up as expected from one year to another, almost 8%, particularly with regard to corporation tax (33.6%).

PPR said Thursday a sharp increase in its annual results, driven by the brilliant performances of its luxury brands, and was confident for 2012.

"The results of PPR are excellent and we are confident for 2012," said chief financial officer, Jean-François Palus, during a conference call.

The group that owns Gucci, Puma, Fnac and Redcats, saw sales increase by 11.1% last year to 12.23 billion euros, a figure slightly higher Interior to the Reuters poll of 12.13 billion. At constant exchange rates, sales growth stood at 9.3%.

The increase in turnover has been hampered by the poor performance against the Fnac, whose sales fell 3.6%, while those in the luxury division jumped 22.2 % and that of Puma significantly accelerated (10.5%).

On luxury, the CFO said that January sales were as good or better than those of the fourth quarter, which signed an organic growth of 18.6%, significantly exceeded expectations of analysts polled by Reuters (17%).

The annual operating profit rose 17% to 1.60 billion euros, slightly above consensus ($ 1.55 billion). 

For 2012, the group said anticipating growth "supported" by its turnover and a further increase in its results.

PPR accounts no longer include figures of Redcats, a subsidiary of distance selling, nor those of FNAC in Italy, these assets are to be sold and which, under accounting standards be deconsolidated from the perimeter.

Net income, up 26.4% in spring 1.05 billion euros and the proposed dividend is unchanged at 3.50 euros.

Tokyo has purchased 10% of 3 billion euros of bonds that the European Financial Stability Fund (EFSF) lifted Monday. This is two times less than in the previous issue. The yen is now at its highest level in 15 years against the dollar

Japan purchased 10% of 3 billion euros of bonds to ten years raised Monday by the Relief Fund of the euro area (EFSF), a smaller proportion than the 20% invested in the previous issues, officials said Tuesday at the Ministry of Finance. "We took into account the state of our liquidity in euros, the conditions of issue and the market environment" for deciding the level of Japanese investment, set at 300 million euros this time, said a ministry official.This surge in the yen higher costs of products made in Japan and reduced the value of income from abroad by Japanese exporters group, which ultimately weigh on the recovery of the country recovering from earthquake, tsunami and accident nuclear March 11. The third largest economy is in recession since late 2010 and in particular on exports out of the rut, but the rising yen, combined with slowing global growth could stall restart.

The proceeds of the issue of Monday, the fourth conducted by the EFSF, must be used to finance a portion of the aid to Ireland, which has, like Greece and Portugal, an international aid program. The request was only slightly greater than the amount of three billion euros and the rate stood at 104 basis points above the risk free rate of the same maturity, or 3.59%.

Italy has agreed that the International Monetary Fund (IMF) monitors its progress on economic and structural reforms, said on Friday European source.

The European Commission and the IMF will each report on how Italy is meeting its objectives, particularly with regard to pension reform and labor, the source said.

"Italy has no objection to be monitored, even if the IMF is involved," she said, adding that credit line was not seen as a credible option for the country, lack of confidence markets in its plans for fiscal consolidation.

The world's second largest home appliances Electrolux said Friday he would seek to further reduce its costs, adding an expected decline in demand in its key markets after announcing a drop in quarterly profit.

The group, which owns the brands Electrolux, AEG and Frigidaire, anticipating the year a decline in demand for appliances in Europe of around 1%, not a 1% increase as expected before.

It also expects that the demand in North America fell by 4-5%, against an increase of 3% previously expected.

The group reported a third quarter adjusted operating income of 1.10 billion kronor (122 million) against 1.98 billion a year earlier.

The Reuters gave 1.06 billion crowns.

"Demand has fallen in several major markets (…) southern Europe and the United States, when the cost of raw materials has increased," said its chief executive Keith McLoughlin.

"The third quarter results were affected by the continuing difficult market conditions."

Electrolux said in a statement it would continue to seek to optimize the use of production capacity in North America and Western Europe and also reduce overhead costs.