Hungary’s National Asset Manager (MNV) has decided to sell the state’s nearly 5% stake in Egis to the majority owner of the pharmaceutical producer, the MNV has announced on Tuesday. The transaction will boost budget revenues by HUF 10.33 billion, it added.
On 30 September 2013, the Hungarian state, or more precisely MNV, took over from the Pension Reform and Debt Reduction Fund 368,933 Egis treasury shares, representing a 4.74% voting right.
On 24 Sept, Egis received a voluntary public purchase offer from Arts et Techniques du Progrès, a wholly owned subsidiary of Servier Group to acquire all of the outstanding shares of Egis stock not owned by the offeror at a price of HUF 28,000 per share in cash.
The 4.74% package of the state is worth HUF 10.33 bn at this price.
The Board of Directors of MNV approved on 4 November to sell the state’s Egis stake to the offeror and the shares have already been transferred.
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