The value of the consultancy contract is €345,000, some €415,000 VAT included.
The privatization strategy could be finalized in about two months, Bogdan Belciu, Manager of AT Kearney Romania, told Business Standard. "We cannot give a specific date since we are still negotiating with AVAS, and the details of the contract have not been finalized. Basically, the operations have two phases: finalizing the strategy and negotiating with potential buyers," Belciu said.
Only one other company, Alpha Bank, offered its financial consultancy services, but its price far exceeded the limit set by AVAS for tender.
AT Kearney will mainly be looking for clients interested in buying a 53 percent majority share package of Antibiotice Iasi, worth some $200 million (€144.6 million), currently owned by AVAS. To date, AVAS has received 27 offers for the Romanian pharmaceutical company, including investment funds and multinationals operating in the pharmaceutical segment.
According to the Cegedim market research company, Antibiotice Iasi was the ninth-largest drug company in Romania, with a 3.2 percent market share in 2006. For the privatization of the last large state-owned pharmaceutical company, the state is eying strategic investors who would provide high quality management, modern technology, and access to equity markets.
AT Kearney will develop a privatization strategy in its Bucharest office, opened in March 2007.
The Romanian branch has 30 consultants, and has been operating on the Romanian market for three years. According to Belciu, the company is leader on the domestic consultancy market. Its main competitors in Romania are PricewaterhouseCoopers, Ernst&Young, Deloitte, KPMG, Roland Berger, and BCG.
"We cannot give a specific date since we are still negotiating with AVAS, and the details of the contract have not been finalized. Basically, the operations have two phases: finalizing the strategy and negotiating with potential buyers Bogdan Belciu Manager, AT Kearney Romania
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