Treasury delays Polfa Lublin sale after negotiations fall behind schedule

The privatization of Polfa Lublin will not now take place by the date previously announced. The Treasury is to sell a stake in the pharmaceuticals company to a consortium of Poland's Spectra Holding and US company Baxter. "It is difficult to specify the date when the deal will be signed, since as far as I know the two sides have failed to reach agreement on either the share price or the investment package. Moreover, the negotiations with the firm's trade unions have not even started," said Polfa Lublin president Tadeusz Duszynski. According to a Puls Biznesu report, businessman Jerzy Starak, chairman of Spectra Management, is also interested in Polfa Warszawa and Polfa Pabianice. He has confirmed that if the chance arises, he intends to take part in the privatization of at least one of the three companies. Meanwhile, the sale of another pharmaceuticals company, Polfa Grodzisk, looks set to go ahead by the end of the year. Three companies, Ivax of the US, Merck of Germany, and French-German concern Aventis, are interested in the purchase. Polfa Grodzisk will be privatized directly, which means that rather than going into the Treasury's coffers, the money raised will be used to support the company itself. (Rzeczpospolita, p. B4; Puls Biznesu, p. 10) A.Z.