Watchdog PSzÁF approves Servier offer for Egis shares

Deals

Hungary’s financial watchdog PSzÁF has approved an offer by France-based Servier group to buy all the shares of pharmaceuticals company Egis that it does not already own, Egis said in a statement on Friday.

French pharmaceutical company Les Laboratoires Servier offered to buy the remainder of Hungary’s Egis Nyrt which it does not already own for HUF 107 billion ($483 million) or HUF 28,000 ($130) per share, and pull the stock from the Budapest Stock Exchange.

The offer will be open between Oct. 2 and Nov. 5, Egis said.

Egis shares closed up 0.25% at HUF 27,500 on Friday.

Egis, which is active in Central and Eastern Europe including Russia, has increasingly relied on exports for sales growth as Hungary’s government curbed has curbed drug spending to rein in the budget deficit.

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