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Suspension of Cipla deal not verified

February 12 2013 at 08:00am
By Reuters

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Cipla Medpro had not received any word from its Indian suitor, Cipla, that an acquisition deal had been put on hold, the local drug firm’s acting chief executive, Johan du Preez, said yesterday.

India’s Economic Times, citing Cipla’s chairman, reported yesterday that Cipla’s $215 million (R1.9 billion) bid for control of the South African company was on hold.

“I am aware of that report but I have not been able to verify it and we have not received any communication from Cipla about its withdrawal from the talks,” Du Preez said.

“As far as we are concerned, the talks are ongoing.”

Cipla Medpro fell 5.1 percent to close at R8.92 on the JSE yesterday, still above the R8.55 that Cipla put on the table last November.

Cipla rose 3.8 percent in Mumbai after slumping 8.1 percent last week. – Reuters


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