Translated material
Virus of doubt
One of the largest Russian pharmaceutical distributors continues to prepare for sale
Representatives of one of the largest Russian pharmaceutical distributors - Protek - do not give up hope for a successful outcome of the deal with foreign partners. Yesterday, the company's press service told a Vremya Novostey correspondent that negotiations on the sale of a majority stake to the German concern Celesio are continuing. Although Just a few days ago, it seemed that the deal announced in October was hanging by a thread.Last Thursday, news agencies reported the words of Celesio CEO Fritz Oesterle, who said that the purchase of part of the Russian company was postponed for political reasons. Referring to information received from the far from primary German online publication Welt Online, the head of one of the largest companies in the European pharmaceutical market said that he fears the nationalization of Protek Group of Companies, which is allegedly possible in the near future. The mentioned publication, apparently, outlined the idea of creating a state pharmaceutical holding, which was actively discussed in the Russian media last summer.
There are different opinions as to why the Germans only remembered the threat of nationalization now, two days before the scheduled date for the official announcement of the deal, and what it all really means. On Thursday, when the first reports of the suspension of the deal appeared, the president of Protek Group of Companies, Vadim Muzyaev, promised to suspend negotiations “until all the circumstances are clarified” and called Mr. Oysterle’s statements “groundless.” But yesterday the company confirmed that joint work to prepare an agreement continues, although with some delay behind schedule.
“Most likely, the German side just needed to say something to justify itself to the shareholders for the delay in acquiring part of the Protek Group of Companies,” says Polina Belyaeva, head of the public relations and promotion department of the Protek group of companies. In October, when Celesio first announced its intentions, the company's shares rose slightly, and, apparently not wanting the price to decline due to the delay in the deal, the leaders of the German holding brought to light a political excuse.
This undoubtedly caused some damage to the Russian company, but it will have little effect on the outcome of events. “The Celesio concern will have to buy Protek in any case,” said David Melik-Guseinov, leading analyst at the Pharmexpert Marketing Research Center. In a conversation with a Vremya Novostei correspondent, he noted that the Germans do not have much choice, since their closest European competitor, Alliance Boots, has already firmly established itself in the Russian market - it owns Apteka Holding, the Samara chain of Elite pharmacies, and is on the way purchase of a large stake in the 36.6 company. So, if Celesio does not plan to completely cede the Russian market to a competitor, it is necessary to buy the largest player.
Many observers also say that the risks that the Germans had to face were truly exorbitant. And it is quite possible that Celesio management simply underestimated them before. “There is fierce competition, and there is also a certain tension in relations with government agencies, primarily associated with the arrest of Protek general director Vitaly Smerdov,” independent expert Yuri Krestinsky told Vremya Novostei. Let us recall that Mr. Smerdov was taken into custody in July 2007, and now his period of stay behind bars has been extended until the beginning of February next year.