Sanofi launches EUR 57 mln public offer for 18% of Romanian subsidiary

French group Sanofi, through its subsidiary Zentiva NV, will carry out a public offer for the purchase of 18.3% of the shares of Romanian drug producer Zentiva Bucuresti. The group, which controls the remaining 81.7% of Zentiva’s shares, is willing to pay a price of RON 3.5 per share, namely EUR 57 million for the whole targeted stake. The offer is managed by BRD and will take place between February 20 and April 5. If the offer is successful, Sanofi will be able to delist Zentiva from the Bucharest Stock Exchange. The French group has had a difficult relation with Zentiva’s minority shareholders, who have been accusing it of taking profits out of the company through service contracts and have been asking for higher dividends. The company’s biggest minority shareholders include Finnish investment fund KJK and NN Fond de Pensii, the biggest mandatory private pension fund in Romania. Zentiva made a net profit of EUR 18.9 million last year, up 18% compared to 2016, while its turnover went up by 9%, to over EUR 100 million. editor@romania-insider.com