Genzyme wraps up $345m acquisition of Bioenvision

Genzyme Corp. said it completed its $345 million acquisition of Bioenvision Inc. despite complaints by some Bioenvision shareholders the price the Cambridge biotech offered was too low. Genzyme initially tried to take control of the New York biotech through a tender offer, but managed to acquire only 22 percent of shares that way. Bioenvision then tried to persuade a majority of its shareholders to vote in favor of a sale. But when the initial vote fell short, Bioenvision and Genzyme obtained a court order to reopen the polls and give shareholders another chance to approve the deal. In the end, Genzyme and Bioenvision said shareholders controlling 56 percent of shares voted in favor of the deal. (Todd Wallack)

Massachusetts is losing market share in the global economy, and needs to do more to promote exports, a state Senate study says. Even though exports are on a record-setting pace, the Senate Post Audit and Oversight Committee found Massachusetts' international sales are not growing as fast as those of other states. In terms of the dollar value of exports, Massachusetts slipped to 11th in 2006 from ninth in 1999, the study said. The study calls for creating a Global Competitiveness Advisory Board to develop a plan to expand the state's international business, a proposal endorsed by the Patrick administration. The study also calls for more trade missions and bigger budgets for export promotion. (Robert Gavin)

An insurance industry group asked the Massachusetts insurance commissioner to approve an average rate cut of 2.5 percent for five automobile insurance companies who collectively write policies for less than 3 percent of the state's drivers. The Automobile Insurers Bureau of Massachusetts said the proposed rates were developed from data supplied by the small insurers and don't reflect the industry as a whole. The bureau used to file rates on behalf of all insurers, but as part of a move to competition the companies will file their own rate requests for policies taking effect April 1. The small-company filing shows where rates should be headed. In years past, the filing of the bureau was seen as a starting point for rate-setting. (Bruce Mohl)

New Hampshire regulators are accusing Ameriprise Financial Services Inc. of breaking state security laws, forging and tampering with documents, and limiting oversight by regulators. The state Bureau of Securities Regulation says Ameriprise could face penalties and client restitution of up to $10 million. An Ameriprise spokesman said the charges have already been addressed. In 2005 the company - then known as American Express Financial Advisors - settled with the state for $7.4 million on charges related to illegal incentives, conflicts of interest, and lack of disclosure to clients. The 2005 settlement included heightened supervision by the state and by an independent consultant. (AP)

Dell Inc., the world's second-largest personal computer maker behind Hewlett-Packard Co., will sell computers, monitors, printers, and ink at Staples Inc. stores in North America starting Nov. 11. Dell partnered with Wal-Mart Stores Inc. in June, ending a strategy of selling computers only via the Internet and phone, in an attempt to regain market share from HP. This is the sixth retailer Dell has teamed up with to sell its computers and printers. Last month, it began selling computers at China's largest electronics retailer, Gome Electrical Appliances Holdings Ltd. (Bloomberg)

ING Financial Partners Inc. agreed to pay more than $1 million over an investment scheme in which a representative of the firm failed to repay investors from members of the Greek community in Massachusetts. An investigation by Secretary of State William Galvin's office focuses on Peter Tzamalas, 50, of Norwood, whose whereabouts are unknown. Tzamalas was acting as a registered representative of ING when he used his contacts in the Greek community and fluency in Greek to build his investment business, according to Galvin, whose office named Tzamalas and ING in a civil complaint. Investigators say money from Greek immigrant investors ended up in Tzamalas's personal bank account, and also covered accounts he had with casinos. Galvin's complaint alleged ING failed to supervise Tzamalas. (AP)

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