Adcock shares fall after Bidvest buying spree

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.

A pharmacist counts pills in a pharmacy. Credit: REUTERS

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