Glaxo wants to buy the outstanding Polfa Poznan shares

Pharmaceutical company Glaxo Wellcome invested zl. 282 million in the Polfa Poznan plant and last Wednesday opened a new drug production department. Glaxo hopes that in January 2001 it will manage to purchase the majority of shares that are still owned by the former Polfa employees. Galaxo holds 96.4% of the companies' shares. The employees own 0.86% of shares worth approximately $300,000 and the Treasury owns 2.73% which it is not yet interested in selling. Glaxo representatives think they will by able to purchase the remaining stake when the new trade code is in force. According to Jerzy Steczniewski, Glaxo Wellcome president in Poland, the company is not interested in changing the Polfa Poznan production profile and it is fulfilling all purchase conditions. (Puls Biznesu, page 4)