According to Reuters, QVT Fund which holds 13% stake in Sicomed called again for an increase in public buy-out price for the remaining c25% stake in Sicomed to 1.50 RON from RON1.37.Sicomed’s shares closed at RON1.51 yesterday. Zentiva holds a 75% stake in Sicomed after acquiring 51% stake from Venoma holdings and c24% in the public tender. While Zentiva plans to acquire 100% stake in Sicomed and delist it from the Bucharest Stock Exchange, it is according to its CEO, Jiri Michal, under no time pressure. We believe that Zentiva’s 75% holding in Sicomed allows effective control over its operation, nevertheless, assume that it will eventually acquire the remaining stake. We see this news as neutral as this issue has been raised several times. We reiterate our Buy recommendation for Zentiva.