Prague  - Czech financial group PPF said Tuesday it plans to withdraw its takeover offer for Czech generics drug maker Zentiva, pulling out from a bidding war with French pharmaceutical group Sanofi-Aventis.

"The reasons for our step lie in reasonable doubts about the real value of the company and also in recent attitudes of Zentiva's management," the financial group said in a statement.

PPF, which is Zentiva's second largest shareholder with a 19.2 per cent stake, had offered in June 950 koruny (64.9 dollars) per share, a bid upstaged weeks later by Sanofi-Aventis' offer of 1,050 koruny (71.8 dollars) per share.

Zentiva management has so far advised its shareholders to reject both offers, calling them too low.

Sanofi-Aventis holds the largest share of 24.9 per cent in the Czech pharmaceutics maker.

Also on Tuesday, Zentiva said it expects its sales rise by 32 per cent to 8.9 billion koruny (609 million dollars) in the first half of 2008 compared to the same period the previous year.

The company, which is to release its half-year results on August 4, said its Turkish subsidiary contributed substantially to the growth, bringing in net sales of 2.6 billion koruny (177 million koruny) in the first six months of the year.

Zentiva, which has said it expects its sales up by 20 per cent in 2008, is active in growing markets in central and eastern Europe, focusing on Turkey, Romania, Slovakia, Russia and Poland. (dpa)