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20.03.2006

Actavis makes move to acquire Croatia's Pliva

Friday, 17, March 2006

Iceland's Actavis Group has made a buy-up offer on Croatia's generic pharmaceutical company Pliva, a sector peer of Hungary's Richter and Egis.
 
Actavis aims at acquiring all the outstanding Pliva shares on the Zagreb Stock Exchange and all the Pliva GDRs on the London Stock Exchange.

The preliminary proposal, which was submitted in writing on 13 March and is subject to due diligence, has been made in cash at a price of HRK 570 (USD 94.13) per share, representing a 35% premium over the average Pliva share price during the last three months. The preliminary proposal values Pliva at approximately USD 1.6 billion. The offer is 20% up from Pliva's closing price on Thursday.

Actavis is an international generic pharmaceuticals company, has become one of the five leading generics companies in the world, with 10,000 employees in 32 countries. Founded in 1956, the group now operates across five continents with its headquarters in Iceland.

The combination of Actavis and Pliva would form the third largest generic pharmaceuticals company globally, with a leading market presence in key world markets, Actavis said in a statement on Friday.

"We believe that the combination of Actavis and Pliva has a highly compelling strategic rationale, creating the world's third largest generic pharmaceuticals company with a leading presence in the key European, Russian and US markets, an exceptionally strong product pipeline and access to low cost manufacturing capabilities," Robert Wessman, Actavis' President and CEO, commented.

He also said Croatia would become the hub for Central and Eastern Europe and a key centre for future R&D and manufacturing, providing significant support for all of other international markets of Actavis.

Wessman added he hoped they can enter into "a positive and constructive dialogue with Pliva's management and Supervisory Board in the coming days".
 
Pliva's management turned the offer down, but as the company's 58% is owned by institutional investors, it can happen that the efforts of Actavis will eventually be successful.

At 14:12 local time Richter traded at HUF 42,700, up 5% from Thursday's close and Egis was up 7.3% at HUF 30,800, while the BUX index rose 2.8% to 2.856 points.

Richter Egis

Source:  www.portfolio.hu

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