Chile's CFR drops $1.2bn Adcock bid

Johannesburg - Chile's CFR Pharmaceuticals said on Friday it would drop its $1.2 billion bid for South African drugmaker Adcock Ingram after being thwarted by Adcock's top shareholder.

CFR had offered 12.8 billion rand for South Africa's second-largest drugmaker in a bid that required approval from shareholders with 75 percent of Adcock.

A pharmacist counts pills in a pharmacy. Credit: REUTERS

Adcock shareholder Bidvest Holdings, which has opposed CFR because it wants to take control of the company, recently raised its stake to 34.5 percent.

Adcock and CFR said in a statement that “there is no prospect” the deal could be approved by the required 75 percent. - Reuters