ICN's Yogoslav subsidiary is seized by Serbian police

Article Abstract:

The Serbian government has seized control of the Yugoslav unit of ICN Pharmaceuticals. Police and government officials forcibly entered the Belgrade plant and over protest of the workers took possession of the premises. Milan Panic, chairman and CEO of the company called the takeover "theft of a grand order." Health Minsister, Leposava Millicevic, claimed that the move was the result of ICN paying only $50million of the $270 million agreed upon for ICN to take control of 75% of the Belgrade plant from the Yugoslav Government. Mr. Panic will pursue his claim against the government vigorously.

Acquisitions & mergers, Mergers, acquisitions and divestments, Advertorial

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Six ICN managers are arrested after Serbian forces seize unit

Article Abstract:

Authorities in Serbia arrested six leading managers of ICN Pharmaceuticals Inc. two days after they seized ICN's subsidiary, ICN Belgrade. Six local managers, along with ICN Belgrade's general counsel, were arrested by police. Serbia asserts that ICN is guilty of underpaying the country in a 1991 contract to acquire 75% of the Galenika company. Serbian government officials appointed its deputy health minister, Marija Krstajic, as the subsidiary's acting director.

Comment:

Authorities in Serbia arrest six leading managers of ICN Pharmaceuticals

Crimes against

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Merck will build a second plant in Singapore

Article Abstract:

Merck and Co. will construct a second pharmaceutical plant in Singapore. The new plant will increase the company's investments in Singapore to over US$500 million (552 million euros).

New capacity, new plant construction, Singapore, Buildings and facilities, Merck & Company Inc.

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