January 9 (SeeNews) - Slovenian pharmaceutical products wholesaler Salus [LJE:SALR] said that it has abandoned the acquisition of local counterpart Farmadent due to unmet conditions, including the failure to obtain antitrust clearance.
Under the acquisition agreement, if all requirements necessary to finalise the deal are not met by January 5, 2024, the deal falls through. As of January 5, the competition authority hadn't given final approval, and Farmadent's shareholders and creditors hadn't yet approved the transaction, Salus said on Monday.
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"Despite the termination of the sale agreement by Salus, there is still interest in the purchase of business shares in Farmadent," Salus said in a filing with the Ljubljana Stock Exchange.
In January 2023, Salus agreed to acquire Farmadent for 8.46 million euro ($9.3 million) from the Slovenian municipalities of Starse, Maribor, Duplek, Hoce-Slivnica, Miklavz na Dravskem Polju and Race-Fram.
With the acquisition of Farmadent, Salus aims to strengthen its role as a vital link in the chain of supply of products and services in the field of healthcare in the markets of Southeastern Europe, the company said back then.
($ = 0.91439 euro)