Serbia cancels sale of Galenika as talks with British-Russian consortium fail, News
Serbia’s government has cancelled a procedure for the privatisation of majority state-owned drug maker Galenika at the proposal of a commission that held negotiations with the only bidder, a British-Russian consortium, government documents showed.
“The privatisation process of Galenika via a strategic partnership model has been declared unsuccessful,” the government said in a document published this week.
The government was looking to find a strategic partner in Galenika by a launching a tender for a 25% stake in the company for a minimum of 7 million euro ($7.4 million).
The British-Russian consortium was the only bidder left in the race after the bids submitted by India’s Cadila Pharmaceutical and Brazil’s EMS SA were rejected over procedural flaws.
Negotiations with the consortium seem to have failed due to Galenika’s large debts, local media speculated on Friday.
This is not the first time a tender for the sale of Galenika has been aborted. Serbia’s economy ministry is expected to prepare a new model for the company’s sale soon.
The Serbian state controls 70% of Galenika directly and a further 15% via state-owned investment fund Akcionarski Fond Beograd. The remainder is controlled by retail shareholders.
- May 11, 2023 Mining Industry, Science and Communications, bridging the gaps
- May 11, 2023 Communicating Energy, new tech industries communications
- May 9, 2023 Serbia economy briefing: Transformation of “Elektroprivreda Srbija”
- April 24, 2023 Without sustainable mining, there is no renewable future
- March 25, 2023 Europe revives mining to reduce dependence on the import of key raw materials, the advantages of Serbia as materials supplier
- March 8, 2023 Calcium Carbonate Industry, Reshaping the Market Growth, Serbian supplier to match European industrial demand
- February 28, 2023 Serbian exploitation miner Belkalhan could become EU primary supplier of Graphite critical raw material
- February 28, 2023 Calcite/calcium carbonate premium quality supplier from Serbia opening supply contracts for 24,25, pharmaceutical/chemical/food processing industry opportunity for JV
- February 16, 2023 Serbian Belkalhan calcite & graphite mining developer invites JV partners for joint critical raw materials exploitation
- February 15, 2023 Petroprocess to modernize EPS power plant CEMS system with state of the art equipment
- May 27, 2023 Serbia, Demand for loans was reduced in the first quarter of this year
- May 26, 2023 Serbia, Zijin Group and the port of Bar in cooperation through the transport of copper
- May 26, 2023 Serbian friendship with Qatar will continue through new ICT projects