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Pharma & Bio Ingredients
Pliva is the biggest east European drugs firm by sales and is the target of a takeover battle between Iceland-based generics producer Actavis (ACT.IC) and Barr. Whichever company buys Pliva will become the third biggest generics drug producer in the world.
Pliva management has said it favored Barr's offer and the supervisory board noted the U.S. company had given undertakings to preserve jobs and infrastructure at Croatia's largest company.
Barr has committed to make Pliva the center of its European operations, keep production in the country and expand facilities, in a move which could boost local employment.
Pliva said in a statement that Barr was also ready to support financially Pliva's investments in research, development and production, and would retain employees and management.
Actavis has so far indicated a lower offer of 723 kuna, plus a 12 kuna dividend, but the Icelandic group is widely expected to improve this offer to try to trump Barr.
Actavis is currently awaiting clearance from the Croatian financial regulator HANFA for its latest formal bid, which one industry source said could come in the next week or so.
