France's Sanofi-Aventis (SASY.PA) said it was still conducting due diligence on takeover target Genzyme (GENZ.O) and may extend a tender offer for the company a third time, disappointing some investors who thought a deal of more than $19 billion could be sealed by Wednesday. Sanofi also predicted 5-10 percent lower earnings in 2011, underscoring its need to find new sources of revenue growth as top-selling drugs lose patent protection in the coming years. Chief Executive Chris Viehbacher told analysts that talks with Genzyme were progressing as it analyzes the U.S. biotech company's records. The two companies said 10 days ago they had entered into a confidentiality agreement, and Sanofi has said its review of Genzyme could take about two weeks.
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