Mergers And Flotation In Air At Grindex ?
Latvian pharmaceutical producer Grindex has been holding talks withTallinna Farma, Estonia's leading drugmaker, with a view to cooperation agreements and a possible merger, reports New Europe Global Independent Weekly. In a statement, the Tallinn pharmaceuticals factory said that negotiations have already started between the Estonian Investment Bank, which holds a controlling stake in Grindex, and the Magnum group which owns Tallinna Pharma.
The news follows the release of Grindex' first-half 1997 results figures, which show a profit of 505,000 lats ($841,000) on a net turnover of 4.1 million lats, according to the Baltic News Service. The 34% stake bought by EIB (represented by Arial) increased Grindex' share capital to 5.95 million lats, and Arial has said that it is planning to seek a listing for the shares on the Tallinn and Riga stock exchanges.
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