Bayer AG and Lek d.d. signed a Share Purchase Agreement on transferring of Lek's ownership share in Bayer Pharma d.o.o. to Bayer AG

25. 9. 2003

Ljubljana, 25 September 2003 – After years of fruitful cooperation, the co-founders and co-shareholders of Bayer Pharma d.o.o. decided on ownership change in Joint Venture. Lek will support Bayer Pharma d.o.o.‘s restructuring programme providing employment for a number of its employees.

The Joint Venture was established in 1972 as one of the first joint ventures with foreign capital investment in former Yugoslavia. According to the regulations in force at that time, the ownership structure since the foundation had been 51% : 49% in favour of Lek as a local partner. The JV was managed by both parties’ consensus. Bayer Pharma d.o.o. was successful in marketing pharmaceutical products of Bayer AG in the territory of former Yugoslavia, and was at the same time responsible for other Bayer AG activities: consumer goods, veterinary products, and diagnostics.

By signing the Share Purchase Agreement, Bayer Pharma d.o.o. will be transformed into a wholly-owned company of Bayer AG. With the initiative of ownership change in Bayer Pharma d.o.o., Bayer AG wants to further strengthen its already excellent position in the region.

Bayer AG and Lek d.d. are fully committed to the restructuring programme as defined in the Share Purchase Agreement and agreed to complete the restructuring process by the end of this year. In order to meet its fast-growing manufacture and sales needs, Lek will provide employment for a number of employees of Bayer Pharma d.o.o.

This press release contains statements and conclusions based on projections of Lek’s future business operations. These estimates are derived from the best information currently available. In case these forecasts prove unreliable, the actual results could prove different from those projected.

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For additional information, please contact: + 386 1 580 22 43
Katarina Klemenc Dinjaški, Lek’s Corporate Communications