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VENTURES AFRICA – It’s official. The much-talked about attempt by Chile’s CFR Pharmaceuticals (CFR) to acquire South Africa’s second biggest drugs maker, Adcock Ingram (Adcock), for R12.8 billion ($1.2 bn) has been called off.
Adcock and CFR on Friday said there was no chance that a deal between them could be permitted to go head by the requisite 75 percent.
The deal was thwarted by the fact that diversified industrials giant, Bidvest, which has been in the running for the acquisition of Adcock had upped its stake in Adcock to 34.5 percent last week.
CFR’s bid needed the endorsement from the shareholders with 75 percent shareholding in Adcock.
Bidvest might now be on its way to acquiring the struggling Adcock and turn it into its subsidiary.
This will make another shareholder in Adcock, Public Investment Corporation (PIC), the manager of government’s pension funds, quite elated as it has opposed the acquisition of Adcock by CFR from the get go.