Santiago - Shareholders of Chile's CFR Pharmaceuticals on Friday approved a sweetened takeover bid for South African drugmaker Adcock Ingram.

CFR last month raised its offer for Adcock by 1.6 percent to 12.8 billion rand ($1.2 billion) in cash and stock, in an attempt to win over Adcock's top shareholder.

While South Africa's government has backed the deal, the state-run pension fund, Adcock's top shareholder, has rejected CFR's offer.

Adcock expects to delay a shareholder vote on CFR's proposal until mid-February because it is still waiting for regulatory approval. - Reuters