Bidvest unit increases Adcock stake to 6.8%

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Pharma

REUTERS

A pharmacist counts pills in a pharmacy.

Johannesburg - A unit of South Africa's Bidvest Group has increased its stake in drugmaker Adcock Ingram to 6.8 percent, according to a regulatory filing, as the conglomerate looks to block a Chilean rival's $1.2 billion takeover offer.

Chile's CFR Pharmaceuticals has offered cash and shares to buy Adcock, South Africa's second-largest drug firm.

Bidvest, which first tried to buy control of Adcock in March, is looking to raise its stake to around a third to block CFR.

Bidvest has previously said it owns 4 percent. - Reuters


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