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Sanofi’s Home Market France May Be Its Biggest Handicap

France to Debate Extension for EDF in Amortizing Atomic Reactors

Nicholas McGee Comments API France heads into its final qualifier with Finland knowing that the team is unlikely to secure automatic passage to the 2014 World Cup. With a three-point gap separating them from Group I leader Spain, Didier Deschamps’ men need not only a win on Tuesday but also for Georgia to inflict a first defeat on la Roja in World Cup qualification since March 1993, in order to top the group. But even that could still not be enough for France, which also requires a four-goal swing in goal difference to ensure its place at next year’s tournament in Brazil. However, although France looks destined to finish second, Deschamps’ outfit will be eager to gain momentum ahead of a prospective playoff. Les Bleus hammered Australia 6-0 in a friendly on Friday and will be confident of clinching victory against a Finland side that has never before beaten them. Striker Olivier Giroud goes into the game on the back of a double against Australia, while Karim Benzema will be out to find the net again after ending a 16-month goal drought for his country in the same game. However, Finland – which has already been eliminated from World Cup contention – should provide stern opposition at the Stade de France, having tasted defeat in just two of its last 11 outings. A goal from Roman Eremenko gave Mixu Paatelainen’s men a 1-0 win against Georgia on Friday, but the team will need to be more clinical in front of goal if it is to end its unsuccessful campaign on a high. Finland has scored just five goals in qualification, with midfielder Kasper Hamalainen and striker Teemu Pukki, who have scored two goals each, accounting for the majority of those strikes. Paatelainen’s side has lost twice in qualifying despite a poor record in front of goal and gained an impressive result back in March when it held Spain to a 1-1 draw. The visiting team has conceded six goals in its seven qualifiers and will need to maintain its defensive strength if it is to end its wait for a win over a team that has scored 10 goals in its last two matches. Follow GOAL.COM on

SA And France Trade Recovering

biotechnology Genzyme in 2011. It has R&D sites in Germany, Canada and Japan. But a quarter of Sanofi’s global workforce is in France – some 28,000 people – including around 5,000 in R&D. “Sanofi is and will remain the biggest private investor in research in France,” a Sanofi spokeswoman said, noting that with 1.8 billion euros ($2.44 billion) last year, France accounted for 40 percent of the company’s R&D budget worldwide. But out of 12 drugs Sanofi expects to launch by 2015, only two come from in-house research, she said, highlighting the need to reorganise research in France to make it more productive. In the internal memo seen by Reuters, Sanofi said that while it spent more than its peers on research, it took the company on average 20 percent longer to develop a new drug. Between 2008 and 2011, Sanofi spent around 105 million euros for each new molecule entering clinical trials, compared to an industry average of about 35 million euros, the memo said. Sanofi R&D chief Elias Zerhouni put the case for radical change at an investor conference last month. “The pride of internal innovation has been the bane, in my view, of main-line pharma companies. I think this is sort of a mirage, a delusional thing,” Zerhouni said. “That kind of arrogance, I think, has to be chased away.

Gallo Images “There is already a lot of economic activity between the two countries,” he said at a South Africa, France business forum luncheon in Johannesburg. “South African companies have shown an interest [in France]. I know our companies are looking forward to increasing their export into the French market.” French president Francois Hollande is in South Africa on a state visit with business representatives, who attended the business forum. Zuma said the countries were working from a strong base and that the visit would increase trade. He said France’s visit came at a time when South Africa was starting to implement its National Development Plan (NDP). “The advantage of having a national vision document like the NDP is that our nation and also our development partners will know exactly what we are trying to achieve and where we want to be by the year 2030. “It removes doubt and uncertainty,” Zuma said. He welcomed the presence of French companies in the country. “You are in the right country, on the right continent at the right time,” he said. Hollande praised South Africa for its development of the NDP. “We trust the South African economy, it is transforming itself,” he said in French. “Any country should have a goal. France as well needs to know where it will be in 10 years’ time.” He said French and South African companies had signed a number of big contracts during the visit. Hollande said the French business community was convinced South Africa’s economy was on the right path to quick and expansive growth. Business Headlines

EDF spokeswoman Carole Trivi declined to comment. A change, allowing EDF to reduce provisions for dismantling installations, was mooted by Environment Minister Philippe Martin last month as a way for nuclear power to contribute to developing renewables. The extension would add value to the biggest nuclear operator by improving its earnings and cutting debt, according to Louis Boujard, an analyst at Banco BPI SA. EDF rose 2.2 percent to 25.05 euros by the close in Paris. The impact of a lifespan extension would be positive on recurring earnings potential of EDF and would trigger a further deleveraging of the company, Boujard said in a note. Extending to 51 years would add 5 euros a share to the company, he said. The valuation would increase by 13.8 euros a share with an extension to 50 years, Martin Young, an analyst at RBC Capital Markets , said in a report last month, though that effect would be lowered by benefit sharing with the state or customers. Increasing Renewables The nuclear activity of EDF through amortizations that are already over long periods will provide sums that could be used by the state as shareholder, Minister Martin said. Funds may help boost French energy efficiency and renewables, he said. The Commission de Regulation de lEnergie regulator said in a study in June that extending amortization would have large and lasting consequences for electricity production costs as well as a one-time financial advantage for the utility. Amortization was pushed to 40 years from 30 years in 2003. An extension to 50 years would allow EDF to cut provisions, the regulator said.

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