Total does not interfere in the discussions Sanofi / Genzyme

Total does not interfere in discussions with Sanofi-Aventis for the acquisition of the US Genzyme but intends to play its role as shareholder of the French pharmaceutical group, said Wednesday the CEO of French oil group.

Banking sources have told Reuters recently that L'Oreal and Total, which together hold around 15% stake in Sanofi, were booked on the proposed acquisition by Genzyme, fearing that the French pharmaceutical group pays its target too expensive.

"I do not think it desirable to comment on the price.We will not interfere in negotiations between the two companies, "said Christophe de Margerie, the margins of the MEDEF Summer University.

But he said that Total, which holds a seat on the board of director of Sanofi that it controls 7.3% of the capital, played the role of administrator, even if such participation was seen as purely financial quick cash.

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Total, which has gradually reduced its stake in Sanofi, will leave the capital by the end of 2012, he said.

"So the future is that of the Sanofi Sanofi, it is more a strategic issue for Total," said Christophe de Margerie.

The CEO of Genzyme said he was prepared on Tuesday to sell the group of biotechnology, but not at the price of 69 dollars per share offered by Sanofi-Aventis.

Christophe de Margerie also said that Total had received offers for the resumption of its Lindsey refinery in the United Kingdom, stating that the candidate would be chosen by the end of the year.

Referring to the outlook for oil prices, he said they were currently "good level" while gas prices are too low according to him now.

The crude is currently trading around $ 74 a barrel on the U.S. market.

• Genzyme more attractive for Sanofi GlaxoSmithKline
• Genzyme and Sanofi have reached an agreement in principle
• Sanofi-Aventis failed to obtain the surrender of a complaint in the U.S.
• Vigorous response to Genzyme, Sanofi raised its profit target
• Total would consider the interests of the Consolidated Global Profit