BELGRADE (Serbia), October 26 (SeeNews) – Serbia's economy ministry said on Thursday that Luxembourg-based company Aelius, affiliated to Brazilian pharma group EMS SA, has offered 16 million euro ($18.9 million) for the acquisition of a 93.7% state-owned stake in ailing drugmaker Galenika.
The tender commission has said the financial bid is valid and has recommended that the economy ministry declare Aelius tender winner, the ministry said in a statement.
You can subscribe to our M&A newsletter here
The buyer will have to repay a 25 million euro bank loan plus a compensation worth 200 euro per every year with the company to the employees who joined a voluntary downsizing plan.
Moreover, the investor will have to invest 5.525 million euro in Galenika in the next two years and keep its workforce at 900 employees at least, the ministry said.
Serbian media reported earlier this month that EMS and Switzerland-based pharmaceutical company Amicus were the two companies bidding in the tender for the privatisation of Galenika. On Friday, the economy ministry said that Aelius had made a valid financial offer in the tender, while Amicus had not provided the required documentation.
The Serbian government launched a tender for the sale of its 93% stake in Galenika on September 1. The minimum price was set at 25 million euro, to be used for repayment of Galenika debt, plus 1 euro for the tendering.
($ = 0.8469 euro)