EnglishSanofi Aventis Europe, the majority shareholder in Zentiva Romania (BSE:SCD) bought an additional 3.4 per cent in the Romanian pharmaceutical company for 9.9 million RON through a public offering organized between 12 August and 22 September, according to an announcement by the Bucharest Stock Exchange (BSE).
Sanofi Aventis thereby reached 78.3 per cent in Zentiva Romania, after minority shareholders decided to part only with 14.18 million shares for 0.7 RON/share. Sanofi Aventis was planning to reach 100 per cent through the offering and delist Zentiva Romania.
The failure of this plan comes as no surprise, considering that minority shareholders have been complaining about the price offered by Sanofi Aventis for a while. "If they want to delist the company, the majority shareholder needs to offer more," a minority shareholder in Zentiva Romania told BURSA.
Zentiva Romania has a market value of 287.7 million RON (67.4 million EUR) calculated at the unit price of 0.69 RON logged at the closing bell on Monday. Zentiva Romania shares are listed on the Bucharest Stock Exchange Tier II under the ticker SCD.
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