Polfa Kutno bid to take over Jelfa

In its letter of intent, which it submitted on Friday, Polfa offered almost zł.100 million for the assets, or zł.49 per share, while current market price is zł.54.5. It's assumed therefore, that the Treasury will try to bid up the price within the next few weeks. Analysts believe that the merger, which would create the eighth largest national pharmaceutical group would be profitable for both players. Meanwhile, the President of Jelfa, Sławomir Kryszkowski said that partnership with Polfa were merely an "alternative" and that he expected the Treasury to start talks concerning finding a foreign investor for the company. (Parkiet, p. 1; Puls Biznesu, pp. 1, 14) M.K.