PGF and Prosper to merge as market consolidation continues

PGF, the largest domestic pharmaceutical wholesaler listed on the stock exc hange is awaiting a decision from its main shareholder, Prosper, to merge t he two companies. "The transaction can quickly be executed. It all depends on a decision of one person, Tadeusz Wesołowski, the majority owner of Pros per," said Jacek Szwajcowski, PGF president. "It is us who are waiting for the offer from PGF," the spokesman for Prosper, Tymon Betlej said in a repl y. Market consolidation continues as PGF's top competitor, Katowice-based F armacol, acquired Cefarm Szczecin, Warsaw, Wrocław and Kielce, increasing i ts market share to over 20%. Prosper, which controls 12% of the market, in a recent transaction bought Cefarm Białystok, while Orfe, with a similar posi tion, acquired Cefarm Śląsk and Rzeszów. According to analysts, further exp ansion by top players will be more difficult as the sales of OTC drugs are falling, and it is this segment that brings the best profits. (Puls Biznesu, p. 11; Gazeta Wyborcza, Gospodarka supplement, p. 3) A.K.