Raiffeisen Pension Fund Sells Its Share in Pliva to Barr

5. Oktober 2006, 00:00

The management of the Raiffeisen compulsory pension fund has decided to accept an offer by Barr Pharmaceuticals to sell...

The management of the Raiffeisen compulsory pension fund has decided to accept an offer by Barr Pharmaceuticals to sell its 230,752 shares in Croatian drugs company Pliva, which makes 1.2 per cent of Plivas overall capital stock, the Raiffeisen fund reported Thursday.

The same decision was announced by the AZ compulsory pension fund, which will sell its 2.6 per cent share in Pliva to Barr. Last week, the European Bank for Reconstruction and Development (EBRD) accepted Barrs offer to sell its 5.4-per-cent share in Pliva.

The Croatian government this week recommended that the Croatian Pension Insurance Agency transfer 3,117,127 or 18 per cent of Pliva shares to the ownership of the Pensioners Fund, which is seen as the first step towards accepting Barrs offer.

The shares of the state, the EBRD, and the AZ and Raiffeisen pension funds together amount to 27.2 per cent. By Wednesday, 1,422,568 or 7.65 per cent of Pliva shares were deposited with the Central Depository Agency.

Barr will consider its offer successful if it manages to acquire more than 50 per cent of Plivas capital stock. Barrs public offer for the takeover of Pliva at a price of HRK 820 per share lasts five more days, until October 11th.
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