Strategic investor delay prevents privatization of Cefarm

After a year long tender the biggest Polish pharmaceutical wholesaler CF Cefarm still cannot be privatized. Its intended strategic investor Cormay has no money to take over the company. Cormay, which offered zl. 100 million for CF Cefarm, 30% more than other investors, has already failed three times to pay 25% of the money as a down-payment. According to Cormay president Tadeusz Tuora his firm is not to blame as Cefarm has not submitted all required documents. Cefarm disagrees claiming Tuora is simply buying time, as he has no money to finance the deal. It is alleged that the real cause for the delay is the poor financial condition of CF Cefarm that ended last year with losses of zl. 5.6 million. Still, CF Cefarm chairman Andrzej Radzio said, "We know Cormay has problems and that it has applied for a cred it to finance the operation."(Gazeta Wyborcza, page 24) J.K