Zentiva managed to increase its holding in Sicomed to 74.9% from 51% as it acquired 99m shares at RON 1.37 (a total of RON 135.63m or USD 44.96m) in a buy-out offer. The subscription rate was only 48.8% and current free-float of Sicomed remains still 25.1%. We will clarify with Zentiva whether part of the remaining free float may be held by QVT Fund, which has been calling for an increased buy-out price at RON1.5 per Sicomed’s share. We believe that Zentiva will eventually manage to increase its ownership to 100%, which is what we also assume in our valuation. We don’t expect any impact on the trading and reiterate our Buy recommendation.