Ivax ups the bid for Polfa Kutno

The bid is conditional upon obtaining necessary permits and buying up at least 75% of Polfa, as Ivax is only interested in full control over Polfa. Meanwhile, Recordati was seeking a 49.99% stake. At Friday's press conference, Ivax's top brass appeared together with Polfa president Janusz Guy, a clear sign that Polfa's management is opting for the U.S. company, which has a market value of $5 billion and is a far bigger player than Recordati. Polfa shares closed at zł.310 on Friday, although early in the day they had reached the price of zł.320. (Gazeta Wyborcza, April. 24-25, p.30) T.J.