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Bulgarian Biovet Buys Feed Additive Business of Akzo Nobel

Published on 6 August, 2006, Last updated at 08:39 GMT
 

By Desislava Nikolova
06/08/2006

Bulgarian veterinary drug maker Biovet will buy for 22.5 mln euro part of the feed additive business of Intervet International BV, the animal healthcare arm of Dutch chemical group Akzo Nobel. The deal is expected to be finalised by July 31, 2005, Biovet executive director Angel Zhelyaskov said. Biovet is buying the non-tangible assets of the Dutch company, including the entire ownership and the rights on six feed additives, the patents, the trademarks and the domain, the trade information and clients, the files and documents on the six products and the feed additives registration in the EU and the USA. Biovet will also buy the existing stock in Intervet International BV warehouses as its price is not included in the deal.





Biovet currently makes over 80 products in Bulgaria. Apart from these Biovet has registered 260 products in 33 countries and expects to get another 218 registrations in 32 countries. The acquisition of the rights on Intervet International BV six feed additives will enrich Biovet products range and will strengthen its positions. Intervet International BV posted a 45 mln euro turnover from feed additives sales in 70 countries in 2004. In the last years Intervet International BV and Pfizer share the first place in worldwide production and sales of veterinary products.

Biovet will summon an extraordinary shareholders' meeting on July 15 to decide on details on the deal. Shareholders are to vote on the deal's funding scheme as companies related to Biovet - Advance Properties and wholesale market Iliyantsi, are most likely to finance the deal. Biovet plans also to finance the deal using own funds and will be in talks with several banks by mid-July for most preferential loan terms.

As of March 2005 Biovet is in talks to buy the vet units of pharmaceutical maker Actavis in Razgrad, northeastern Bulgaria, and in Macedonia.

 

 
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