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Press clippings
16.08.2010
Privatisation on Hold (Gazeta Prawna Daily)
Another attempt in the autumn. The Treasury has not managed to sell the Warsaw Polfa. The Ministry has not reached an agreement with potential investors but it plans to cast the net again in the autumn.
Polish giants, Polpharma and Adamed, were interested in the purchase of Polfa Warszawa. Another competitor was an American Nasdaq-listed Perrigo company. However, the deal handled by the Polish Pharmaceutical Holding, established as a capital group consisting of Polish Polfas in 2004, fell through. ‘The privatisation process of Polfa Warszawa that was started several months ago brought no results,’ says Artur Woźniak, the President of the PPH Management Board.
At the beginning of May final tenders were lodged by Adamed and Polpharma. However, the parties did not strike a deal. ‘We have approached some stipulations several times because not all of them are satisfactory to us,’ explains Artur Woźniak.
The companies do not want to reveal whether they will be interested in the renewed offer at all. It is unofficially said that the sale of the Warsaw company was stopped by trade unions that opposed the handing over of the company and threatened with strike. The reason was that the PPH did not agree to negotiating a social package with potential investors. Despite the objections of the Warsaw manufacturer’s staff, the PPH does not lay down its arms and promises to make a new offer to investors.
Polfa Warszawa has been part of the PPH since 2004. This year the company’s revenues are to exceed 300 million Polish zlotys. The State Treasury still remains the owner of Polfa Tarchomin (yesterday the holding offered the company to 92 investors). In the spring the holding sold Polfa Pabianice to Adamed for almost 300 million Polish zlotys. The PPH intends to get almost 1 billion Polish zlotys in total from the sale of the three companies.
Polish giants, Polpharma and Adamed, were interested in the purchase of Polfa Warszawa. Another competitor was an American Nasdaq-listed Perrigo company. However, the deal handled by the Polish Pharmaceutical Holding, established as a capital group consisting of Polish Polfas in 2004, fell through. ‘The privatisation process of Polfa Warszawa that was started several months ago brought no results,’ says Artur Woźniak, the President of the PPH Management Board.
At the beginning of May final tenders were lodged by Adamed and Polpharma. However, the parties did not strike a deal. ‘We have approached some stipulations several times because not all of them are satisfactory to us,’ explains Artur Woźniak.
The companies do not want to reveal whether they will be interested in the renewed offer at all. It is unofficially said that the sale of the Warsaw company was stopped by trade unions that opposed the handing over of the company and threatened with strike. The reason was that the PPH did not agree to negotiating a social package with potential investors. Despite the objections of the Warsaw manufacturer’s staff, the PPH does not lay down its arms and promises to make a new offer to investors.
Polfa Warszawa has been part of the PPH since 2004. This year the company’s revenues are to exceed 300 million Polish zlotys. The State Treasury still remains the owner of Polfa Tarchomin (yesterday the holding offered the company to 92 investors). In the spring the holding sold Polfa Pabianice to Adamed for almost 300 million Polish zlotys. The PPH intends to get almost 1 billion Polish zlotys in total from the sale of the three companies.