Adcock shares fall after Bidvest buying spree

Comment on this story


Pharma

REUTERS

A pharmacist counts pills in a pharmacy.

Johannesburg - Shares in Adcock Ingram fell more than 2 percent in early trade on Friday, a day after a source told Reuters South Africa's Bidvest had bought most of a record 39 million shares traded on that day.

Adcock fell as much as 2.11 percent before recouping some of the losses to trade 1.9 percent lower at 68.66 rand.

The buying frenzy is likely to have raised Bidvest's stake in the drugmaker to about 30 percent, putting the conglomerate close to a 34.5 percent ownership target stated in a 4 billion rand ($359 million) takeover offer launched in December. - Reuters


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks