Two companies have submitted their bids for the takeover of Galenika before the deadline expires, but the Serbian government is also waiting for those bids sent by post.
Nine companies bought tender documents relating to the sale of 93.7% of the pharmaceutical company Galenika. The deadline for submission of bids expired yesterday, and one of the companies, according to the Politika daily, that submitted a bid is Switzerland-based, Amicus.
The bids are supposed to be opened tomorrow, and the bidding price starts at only 1 EUR. The winning company will also have to pay 25 million EUR to cover Galenika’s debt towards banks. The Serbian Ministry of Economy launched the tender for the takeover of Galenika on 1st September this year.
The main prerequisite for bidders was that a bidding company had to be in pharmaceutical industry, and that it had the revenue of over 300 million EUR in the last business year. The estimated value of Galenika’s share that is offered for sale is negative, and it stands at 152 million EUR.
The banks, to which Galenika owes over 71 million EUR, have agreed for the future owner of the company to pay a one-off payment of 25 million EUR in order to settle the entire debt. A total of 250 workers in Galenika, out of 1,400, have consented to voluntary leave from the company.
The first attempt of privatizing Galenika failed in the beginning of this year since the government failed to reach an agreement with the consortium of Russian and British companies Frontier and Petrovax about Galenika’s debt that needs to be settled.
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