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Viewing cable 06ZAGREB815, NJ-BASED BARR LABS IN BIDDING WAR FOR

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Reference ID Created Released Classification Origin
06ZAGREB815 2006-07-06 07:24 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Zagreb
VZCZCXRO0059
RR RUEHAST
DE RUEHVB #0815/01 1870724
ZNR UUUUU ZZH
R 060724Z JUL 06
FM AMEMBASSY ZAGREB
TO RUEHC/SECSTATE WASHDC 6370
INFO RUEHZL/EUROPEAN POLITICAL COLLECTIVE
RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
UNCLAS SECTION 01 OF 02 ZAGREB 000815 
 
SIPDIS 
 
SENSITIVE 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: ECON EINV HR
SUBJECT: NJ-BASED BARR LABS IN BIDDING WAR FOR 
CROATIA'S PLIVA 
 
 
ZAGREB 00000815  001.2 OF 002 
 
 
 
1.  SUMMARY:  NJ-BASED BARR LABS ANNOUNCED A 2.3 
BILLION DOLLAR TAKEOVER BID FOR CROATIA'S PLIVA ON 
JUNE 28, MARKING THE LARGEST SINGLE FOREIGN 
INVESTMENT IN CROATIA AND SPARKING A BIDDING WAR 
WITH RIVAL SUITOR ACTAVIS PHARMACEUTICALS OF 
ICELAND.  ALTHOUGH BOTH PLIVA'S CEO AND THE GOC HAVE 
PUBLICLY ENDORSED A PLIVA-BARR MERGER, ACTAVIS 
RAISED THE STAKES LAST WEEK, REPORTEDLY BUYING 
NEARLY 10 PERCENT OF PLIVA'S SHARES.  BARR HAS NOT 
BEEN ABLE TO PURCHASE SHARES, PENDING REGULATORY 
APPROVAL IN THE U.S., GERMANY AND CROATIA, BUT 
COMPANY OFFICIALS REMAIN CONFIDENT THAT THEIR OFFER 
WILL PREVAIL. EMBASSY HAS USED RECENT MEETINGS WITH 
GOC OFFICIALS AND PRESS STATEMENTS TO UNDERSCORE THE 
BENEFITS BOTH FOR CROATIA AND PLIVA OF BARR'S OFFER. 
END SUMMARY 
 
----------- 
BIDDING WAR 
----------- 
 
2. CROATIAN PHARMACEUTICAL HEAVYWEIGHT PLIVA IS THE 
OBJECT OF A BIDDING WAR BETWEEN NJ-BASED BARR LABS 
AND ACTAVIS OF ICELAND. PLIVA PUT ITSELF ON THE 
MARKET AND HIRED DEUTSCHEBANK AS ITS FINANCIAL 
ADVISOR, FOLLOWING WHAT IT CONSIDERED A HOSTILE AND 
LOW BID OFFER FROM ACTAVIS OF $1.6 BILLION IN THE 
SPRING. AT A RECEPTION HELD JUNE 28 IN ZAGREB, 
OFFICIALS FROM PLIVA AND BARR ANNOUNCED THAT THE TWO 
COMPANIES HAD REACHED AN AGREEMENT FOR BARR TO 
ACQUIRE PLIVA FOR $2.2 BILLION. HOWEVER, AT THE SAME 
TIME ACTAVIS MADE A COUNTER OFFER AND BEGAN BUYING 
PLIVA SHARES ON THE OPEN MARKET.  BARR COUNTERED, 
UPPING ITS OFFER TO $2.3 BILLION. BARR SAID IT WOULD 
PAY PLIVA SHAREHOLDERS 743 KUNA ($131.28) PER SHARE, 
AS WELL AS A 12 KUNA ($2.12) DIVIDEND, FOR A TOTAL 
CASH CONSIDERATION OF 755 KUNA ($133.40) PER SHARE. 
THE CROATIAN PRESS HAS CORRECTLY CALLED BARR'S OFFER 
THE LARGEST U.S. INVESTMENT EVER IN CROATIA. 
 
---------------------- 
Barr's Plans for Pliva 
---------------------- 
 
3. BARR AND PLIVA ARE CURRENTLY ASSOCIATED THROUGH A 
JOINT VENTURE TO CREATE A GENERIC BIOLOGICAL VERSION 
OF A TREATMENT USED TO REGULATE WHITE BLOOD CELL 
PRODUCTION.  THROUGH PLIVA, BARR WOULD GAIN ENTRY 
INTO RUSSIAN AND OTHER EASTERN EUROPEAN MARKETS, AS 
WELL AS THE UK, GERMANY, SPAIN AND ITALY.  A BARR- 
PLIVA UNION WOULD DOUBLE BARR'S ANNUAL SALES TO $2.5 
BILLION AND BOOST THEIR COOPERATION IN RESEARCH AND 
GENERICS. 
 
4. BARR OFFICIALS SAID THE COMPANY WILL MAINTAIN 
PLIVA'S HEADQUARTERS IN ZAGREB AND KEEP ITS SENIOR 
MANAGEMENT IN PLACE. BARR HAS ABOUT 2,000 EMPLOYEES 
WHILE PLIVA HAS 6,000, INCLUDING SOME IN EAST 
HANOVER, N.J. 
 
--------------------- 
ACTAVIS STILL LURKING 
--------------------- 
 
5. ACTAVIS HAS NOT GIVEN UP YET, NOTING THAT BARR 
STILL NEEDS A SUCCESSFUL REGULATORY REVIEW IN 
GERMANY, THE HART-SCOTT-RODINO CLEARANCE IN THE U.S. 
AND APPROVAL FROM THE CROATIAN AGENCY FOR 
SUPERVISION OF FINANCIAL SERVICES (HANFA). ACTAVIS 
CLAIMED IT DID NOT NEED THOSE APPROVALS, BUT PLIVA 
OFFICIALS HAVE SAID THAT IS NOT ENTIRELY TRUE. 
 
6. MEANWHILE ACTAVIS HAS ALSO BEEN BUYING SHARES OF 
PLIVA ON THE OPEN MARKET, WHILE BARR AWAITS 
REGULATORY APPROVAL. AS A RESULT, ACTAVIS NOW OWNS 
9.7 PERCENT OF PLIVA SHARES OUTRIGHT AND HAS OPTIONS 
ON A FURTHER 10.7 PERCENT. BARR CALLED ON PLIVA 
STOCK-HOLDERS JUNE 30 NOT TO SELL THEIR SHARES IN 
ORDER TO ALLOW REGULAR BIDDING. PLIVA OFFICIALS ALSO 
ASKED SHAREHOLDERS TO REFRAIN FROM SELLING STOCK 
UNTIL ISSUES REGARDING THE OFFERS ARE RESOLVED. 
 
--------------------- 
CURRENT STATE OF PLAY 
--------------------- 
7. Pliva publicly endorsed Barr and the GOC echoed 
this endorsement, saying it is more important to 
 
ZAGREB 00000815  002.2 OF 002 
 
 
ensure the Pliva brand will continue, that 
production will continue in Croatia and that the 
company's workforce in Croatia will not be reduced, 
than to gain an extra 10 kuna ($1.76) per share. The 
GOC, which retains 17 percent of Pliva's shares, and 
Pliva officials feel more secure with Barr than with 
Activas, which reputedly has links to Russian 
capital. 
8. Although Actavis officials also have said they 
plan to retain the Pliva name in Croatia and 
transfer some production to Croatia, analysts doubt 
Actavis' true intentions. They point to Actavis' 
activities in other countries where it operates with 
a significantly cheaper labor force.  Actavis has 
apparently been on an acquisition binge in the last 
few years, acquiring a portfolio of companies it is 
yet to integrate and a large amount of debt in the 
process. 
9. Pliva officials said U.S. anti-trust agencies 
need to resolve issues regarding both offers. They 
also note that, according to the Croatian Takeover 
Law, once a party directly or indirectly acquires 
over 25% of the voting shares of an issuer, it is 
obligated to immediately inform the issuer, the 
public and HANFA. 
10.  Post has used recent meetings with the GOC, 
including Ambassador's farewell calls, to support 
Barr.  The GOC is eager to see this deal succeed, 
which would not only be a good outcome for Pliva, 
but would also send a signal of confidence about 
Croatia's investment climate. 
DELAWIE