Ciech refuses to give up the fight for Jelfa

PZU has rejected Ciech's bid for the purchase of a 12.7% stake in pharmaceuticals producer Jelfa. However, Ciech undeterred by the insurer's cold-shoulder reaction has launched another offer, citing it is still willing to take part in forming the Polish Pharmaceutical Holding (PHF). PZU would not comment on the second proposal to take over 10% of shares controlled by its capital group. The insurer's refusal to give a green light to the deal was welcomed by Jelfa shareholders, fearing that Ciech might try to drag the company into the project of setting up a large national pharmaceutical company. Jelfa may yet become a part of the holding as sector consolidation plans allow for new companies to be included as the process unfolds. The blueprint for the consolidation of the state-owned sector companies should be completed by mid March. (Puls Biznesu, p. 7) J.K.