Adcock shares fall after Bidvest buying spree

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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

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