Wednesday, February 11, 2009

Romania says no hurry for Antibiotice sale -agency

BUCHAREST, Feb 11 (Reuters) - Romania will not rush into selling its sole state-owned drugmaker, Antibiotice Iasi ATBE.BX, the head of the privatisation agency AVAS said on Wednesday.

"We should not hurry with Antibiotice privatisation," AVAS head Mircea Ursache told a news conference. He added that a sale in current market conditions would be "inopportune and imprudent".

Late in 2007, AVAS kicked off procedures to sell a 53 percent stake in Antibiotice, its flagship asset, through open bidding, at a starting price of roughly 136 million euros ($176 million). But the government suspended the sale last year. (Reporting by Luiza Ilie, editing by Will Waterman)

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