Genzyme’s Chief Executive Henri Termeer has said he is willing to sell his company, but not at the price that French drugmaker Sanofi-Aventis is offering.

That is 69 dollars a share. The shares are already trading above that and sources said Genzyme would want an offer of at least 75 dollars before serious negotiations could begin.

Termeer also believes Sanofi will not take its offer hostile.

He said: “We need each other too much in terms of future value. It may well be that they go that way, but I would recommend against it if I were advising the other side because it is not the way to get this done.”

He thinks the two sides stand a good chance of coming to terms, though negotiations could take months.

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