The biggest transaction on the pharmaceutical market in Romania, the takeover of Sicomed by the Czech Zentiva company for 200 million dollars (161 million euros) could get Sicomed''s main minority shareholders, SIF Muntenia and SIF Oltenia some 37 million euros.
At a price of $0.4797/share (0.39 euros or 1.36 RON) Zentiva offers, the stake controlled by SIF Muntenia and accounting for 11.99% in Sicomed is worth some 19.6 million euros, while SIF Oltenia should get approximately 16.6 million euros for its 10.17% in the drug maker. Most of these amounts is actually made up of the profits of the two SIFs.
According to the information on the market, the average price at which the SIFs bought Sicomed shares stands at some 3,000 ROL (0.3 RON). Sicomed resumed trading on the Bucharest Stock Exchange on Friday, going up to the maximum accepted per session, 1.26 RON right from the beginning. Zentiva could be offering 1.36 RON when it puts out a tender offer for all the Sicomed shares.
"Several months ago Sicomed had some 100 million dollars in market capitalisation and we were expecting the price paid by a strategic investor to be higher than the market price. The price offered by Zentiva is satisfactory and our profit is very large," stated Petre Szel, the chairman of Muntenia Invest, the company that manages SIF Muntenia''s assets.
The SIF Oltenia officials in their turn expressed satisfaction with the price offered by Zentiva, but did not care to provide further details before the completion of the deals.
According to the data on the market, approximately 80% of the money the SIFs stand to get for their stakes actually account for profits. Under the circumstances, SIF Muntenia''s profit should stand at about 16 million euros, 50% more than its 2004 profit, while SIF Oltenia''s should reach 13 million euros, that is 75% of last year''s profit.
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