Zentiva announced its shareholders have approved the acquisition of Turkish drugmaker Eczacibasi Generics on an EGM held yesterday. Zentiva
announced last month it would buy 75% stake in Eczacibasi's generic-drug operations for EUR 460m, with an option to buy the remaining 25% package. The company hired last week EUR 550m loans to finance the acquisition. The deal requires regulatory approval, which could come by June 2007according to Zentiva
We see the news as neutral, as we see it was likely that shareholders will nod on the acquisition given its good strategic fit and EPS accretiveness especially from 2008.