BRUSSELS (AFX) - Belgian healthcare group Omega Pharma NV said the shareholders of Austrian peer Bittner Pharma AG have approved its cash offer for the group, which operates in Central and Eastern Europe.
In 2005, the Bittner Pharma Group generated sales of over 40 mln eur in Austria, Russia, Ukraine, Poland, and the Baltic states. 2006 sales are estimated to grow to 50 mln eur.
Bittner is expected to realise over 20 mln eur EBITDA in 2007.
In terms of finance, Omega Pharma purchased 100 pct of shares against cash, but did not disclose a price for deal. Additional financing will be provided by ING Wholesale Banking, and the deal is subject to regulatory approval for certain markets.
Omega Pharma also said it had completed the add-on acquisition of an Italian company that markets a range of skin care and feminine care products under the Bergamon and other brand names.
Last year, the company generated about 6 mln eur of sales. frances.robinson@afxnews.com fr/gp COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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