Initially, Sanofi was planning to acquire the remaining 25.09% of Zentiva in August-September period, for which it was willing to pay 73.23 million lei.
However, the acquisition via stock market seems to be much a more efficient option, although the price is equal to the initial offering, namely 0.7lei/share.
Since November, Sanofi acquired 8.84 million shares of Zentiva, which is about 2.12% of the company, at a price of 6.18 million lei (€1.46 million).
For the time being, Sanofi Aventis holds 80.43% of the drug maker. According to the announcement in the offering, Sanofi plans to remove Zentiva shares from Bucharest trading, after delisting them from Prague.
Zentiva Romania reported a profit of 3.21 million lei (€0.76 million) in the nine months through September, seven times below the year-ago level. Zentiva has a share capital of 41.69 million lei, divided into 416.9 million shares at a face value of 0.1 lei.
The company’s market cap is 291.87 million lei (€68.8 million), according to yesterday’s closing of 0.7 lei/share.
Sanofi adds 2.12% to its holdings with Zentiva
Sanofi Aventis, majority shareholder of Zentiva Romania (BSE: SCD), has decided to rethink its acquisition strategy for the drug producer, and continued to add to its holdings with Zentiva, after the takeover offer failed.
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