Iceland's Actavis Group HF launched an unsolicited $1.6-billion (U.S.) bid for Croatian drug firm Pliva d.d. yesterday in a deal it said would create the world's third largest generic drugs firm. The bid -- the latest in a wave of consolidation sweeping the sector -- values Pliva at 570 Croatian kuna per share ($94.53 U.S.), a premium of 35 per cent over the average share price during the last three months, Actavis said. Pliva's management said it considered the offer "unattractive." Pliva is Eastern Europe's leading drugs producer by sales. ACT (Reykjavik) rose .90 krona to 60.10 kronur (87 cents U.S.). PLVARA (Zagreb) rose 31 kuna to 541 kuna ($89.67 U.S.). Reuters