J&T plans to sell Zentiva stake to PPF -paper

PRAGUE May 20 (Reuters) - Czech-Slovak private equity group J&T plans to sell its minority stake in Czech generic drugs maker Zentiva ZNTVsp.PR to Generali PPF Holding (GASI.MI), daily E15 quoted a source as saying on Tuesday.

Generali PPF, Zentiva's second-biggest shareholder with a 19.1 percent stake, announced a takeover bid in May at 950 crowns per share, valuing the company at 36.2 billion crowns ($2.25 billion).

"J&T will sell its stake in line with the buy-out offer released by PPF," the source said.

J&T spokesman Petr Malek told E15 that the group will assess the offer after it is cleared by the Czech central bank. A unit of J&T holds 7.6 percent in Zentiva.

Zentiva, 24.9 percent owned by Sanofi-Aventis (SASY.PA) of France, has recommended its shareholders to take no action on the bid before its board assesses the offer. (Reporting by Martin Dokoupil; Editing by Louise Ireland)