Sanitas, Lithuania's largest drug producer, said it was considering a new share issue in 2008 to finance the acquisition of another company. CEO Saulius Jurgelenas said the shares could be offered in both Poland and Lithuania. He did not say what company could be the target of a takeover. Last year Sanitas used equity finance to purchase Poland's Jelfa, which at the time was a larger company. The deal represented the single largest Lithuanian investment in the Polish economy.
Sales of Estonia's Kalev, a confectionery and real estate conglomerate, plunged 15 percent over the first half of its 2006-2007 financial year to 457 million kroons (29.3 million euros), the company announced last week. Profit also declined year-on-year from 28 million to 10.5 million kroons. The company's chocolate business saw output decline, as 9,800 of confectionery and milk products were sold in the six-month period, down 29 percent year-on-year.
Dinaz, a Latvian oil trading firm, is considering building a $200 million oil refinery and export terminal in Latvia, local media reported last week. Dinaz is apparently mulling over a refinery in Daugavpils, Latvia's second largest city, which would have an annual capacity of 10 million tons of crude. It would go online in three years, reports said.