PRIVATIZATION DELAY FOR PROCORDIA
The sale of the 40% stake held by the Swedish government in Procordia, a Swedish pharmaceutical and consumer products conglomerate, which was expected to take place this year, has been postponed until 1994 due to poor market conditions.
The Swedish government is reported to be giving priority in its privatization plans to a defence equipment group. However, the delay could be good for Procordia in that it could give the group more time to carry out the merger of its pharmaceutical business Kabi Pharmacia with the Italian drugs group Farmitalia Carlo Erba (Marketletters passim). It is also thought that the expansion of the pharmaceuticals business could make Procordia more attractive and thus result in the privatization being made easier.
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