Supposedly, the French drugmaker balked at paying $28 a share, according to an unconfirmed report in the London-based Times. Bristol shares have jumped recently on takeover speculation.

The report, which is rather brief, goes on to say there was some disagreement over the Plavix litigation. What that could have been about is hard to fathom. Wall Streeters believe Bristol and Sanofi have the upper hand in the court case in New York that will decide the patent of the big-selling blood thinner.

In any event, Tamar Howson, a senior Bristol exec in charge of M&A has supposedly left the drugmaker recently, the report continues, although why that would put a kabosh on any deal isn’t clear.

Intriguing stuff, to be sure. Bear in mind, though, that without a deal, both companies will be no better off tomorrow than they were yesterday. And Sanofi isn’t exactly sitting pretty having lost the patent fight in a California court over Lovenox.

If this is true, maybe Bristol’s board will actually have to find a permanent ceo, assuming they can. Who would take that job?

[tags]Bristol-Myers Squibb, Sanofi-Aventis[/tags]