11 Decembrie 2009
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.
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.
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.