Recordati is out of the running for Polfa Kutno

According to unofficial news, Italian pharmaceutical concern Recordati has abandoned its plans to take over Polfa Kutno and has started negotiations with American Ivax about the sale of a 25% stake in Polfa which Recordati currently owns. Ivax is also in talks with the representatives of financial investors who bought Polfa's shares in the autumn from Enterprise Investors. The group of funds including Commercial Union, ING, the PZU group, and the Pioneer fund, which together control about 50% of Polfa's capital, have agreed to decide together about the sale of the shares they possess. Adam Ruciński from PZU Investment Funds Association confirmed that "tough negotiations" are in progress and added that Ivax will probably buy the shares from the funds for cash. The price suggested by Ivax is zł.330-340 per share while financial investors expect to get as much as zł.360-380. (Puls Biznesu, pp. 1, 4) E.B.