Is Actavis up for sale given Iceland crisis?

The future of Icelandic generic drugs company Actavis is being questioned, in the face of the huge financial problems in that country, and the fact that it is 80% owned by Thor Bjorgolfsson's private equity firm Novator. A large chunk of the billionaire's wealth has been wiped out this month when one of his largest investments, the Landsbanki Island bank, collapsed and was taken over by the government, reports the Wall Street Journal.

The drugmaker has confirmed it has engaged financial group Merrill Lynch to advise on options, such as the sale of the business, a takeover, merger or stock market listing, says the WSJ, which puts a ball-park value on the business of around $8.0 billion. Also, according to a report in India's Financial Express, it has mandated at least one Indian merchant bank to do due diligence on off-loading a stake by finding partners or collaborators.