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Poland’s Bioton puts Ukrainian takeover on hold

Deals

Polish insulin maker Bioton said on Tuesday it had put on hold its acquisition of Ukrainian firm Indar, after it learnt the Ukrainian state had lost control over the stake it had sought.

Bioton said in a statement that the 70% stake owned by the state was transferred to Gerist Invest Limited, but Ukrainian authorities had taken action to retake control over the firm, which also makes insulin. “The company suspends actions aimed at taking control of Indar until the legal situation of Indar shares is resolved,” Bioton said. In February Bioton CEO Adam Wilczega told Reuters, the company wanted to double its stake at Indar to 60%. (Reuters)

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