Breaking News: Hostile Takeover Move on Genzyme

The Boston Globe reports here:

Sanofi Aventis SA, the French drug maker that wants to buy Genzyme Corp., said today that it is launching a hostile takeover battle for Cambridge-based Genzyme, the largest biotechnology company in Massachusetts.

Sanofi’s latest bid does not raise the price of an earlier offer of $69 per share, which values Genzyme at $18.5 billion. Genzyme earlier rebuffed that price as undervaluing the company.