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Gedeon Richter raises stake in GZF Polfa

This article was originally published in Scrip

Executive Summary

Following its strategy to maintain Poland as its key foreign market and its recent withdrawal from the merger with Polpharma, Gedeon Richter has acquired a further 29.6% state stake in Grodziskie Zaklady Farmaceutyczne Polfa (GZF Polfa) for PLN87.3 million ($43 million), bringing its total holding in the company to 99.8%. Hungary's largest pharmaceutical manufacturer won the Polish Ministry of the Treasury's tender and acquired a 51% ownership in GZF Polfa for $53 million in 2002, with an option for the remainder of the state's shares.

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