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<p align="center"><b>PLIVA divests a majority stake in its Non-core Yeast and |
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Bread Improvers Operations</b></p> |
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<p>Zagreb, March 1, 2000</p> |
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<p>PLIVA d.d. ('PLIVA') announced that it has signed an agreement to sell its |
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yeast operations carried out through its Croatian subsidiary SAF Kvasac d.o.o. |
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to Cie des Levures Lesaffre, today's world leader in the production of yeast |
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and yeast extracts.</p> |
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<p>The signed Agreement calls for an initial sale of a 75% majority stake in Kvasac |
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d.o.o., controlling the yeast and bread improvers operations in Zagreb. Kvasac |
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is also the sole owner of PLIVA TrebiĀov a.s., Slovakia. The closing of this |
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first part of the transaction is expected to take place within the following |
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15 days. Subsequently, the sale of the remaining 25% stake will follow upon |
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expiration of the three year period following the signing of the Agreement.</p> |
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<p>The parties have agreed to a basic purchase price of a cash consideration of |
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Euro 12 million for a 100% stake in the company.</p> |
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<p>Zeljko Covic, PLIVA's CEO and President of the Management Board, commented: |
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"At the end of 1999, we spun off PLIVA's food division into two naturally separate |
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companies, Kvasac d.o.o. and Cedevita d.o.o., in order to prepare for the planned |
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divestment in line with our strategy. The sale of PLIVA's non-core yeast operations |
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represents an anticipated move as we have made conscious strides to focus on |
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pharmaceuticals as seen in our acquisitions of PLIVA Krakow, Farmacom, Mixis |
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Genetics and Lachema. By adopting a focused strategy and thus divesting our |
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non-core operations, we will free up resources enabling us to continue to grow, |
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develop and consolidate our position on the global pharmaceuticals market".</p> |
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<p>For additional information please contact:</p> |
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<p>Erika Kaspar<br> |
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Vice President, Communications and Corporate Affairs<br> |
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Tel: 385 1 6120 755<br> |
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Fax: 385 1 6114 413<br> |
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E-mail: <a href="mailto:erika.kaspar@pliva.hr">Erika.Kaspar@pliva.hr</a></p> |
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<p> Marija Mandic <br> |
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Financial Analyst <br> |
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Tel: 385 1 6160 355 <br> |
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Fax: 385 1 6120 634<br> |
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E-mail: <a href="mailto:marija.mandic@pliva.hr">Marija.Mandic@pliva.hr</a> </p> |
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