Tokyo Banking Correspondent
David's Feed
Jan 14, 2014

Turnaround king Joffe targets S.Africa’s Adcock to expand empire

JOHANNESBURG, Jan 14 (Reuters) – Brian Joffe, the
hard-driving South African entrepreneur whose empire spans
shipping to mop sales, has a favourite saying: “Why go into
business to test the waters? Go in to make waves.”

The 66-year-old son of Lithuanian immigrants may do just
that next month, when he is expected to block a $1.2 billion
Chilean bid for Johannesburg-based drugmaker Adcock Ingram, in
which his Bidvest Group owns a stake.

Jan 14, 2014

Turnaround king Joffe targets S.Africa’s Adcock to expand empire

JOHANNESBURG, Jan 14 (Reuters) – Brian Joffe, the
hard-driving South African entrepreneur whose empire spans
shipping to mop sales, has a favourite saying: “Why go into
business to test the waters? Go in to make waves.”

The 66-year-old son of Lithuanian immigrants may do just
that next month, when he is expected to block a $1.2 billion
Chilean bid for Johannesburg-based drugmaker Adcock Ingram, in
which his Bidvest Group owns a stake.

Dec 27, 2013

S.Africa’s Foord enters Adcock battle with 15 pct stake

JOHANNESBURG, Dec 27 (Reuters) – South Africa’s Foord Asset
Management has increased to 15 percent its stake in Adcock
Ingram, making it the second-largest shareholder in the
hotly contested drugmaker.

The battle for Adcock, an underperforming company with a
strong portfolio of over-the-counter medicines, hotted up in
July when Chile’s CFR Pharmaceuticals offered $1.2
billion in cash and shares for it.

Dec 24, 2013

South Africa pension fund strengthens hand in Adcock bid battle

JOHANNESBURG (Reuters) – South Africa’s state pension fund has increased its stake in Adcock Ingram (AIPJ.J: Quote, Profile, Research, Stock Buzz) to over 22 percent, putting the asset manager in a strong position to block a $1.2 billion takeover of the drugmaker by Chile’s CFR Pharmaceuticals CFR.SN.

CFR revealed plans in July for a cash and shares bid for over-the-counter drugmaker Adcock, a deal that could mean foreign ownership of a key player in government plans to overhaul healthcare in South Africa.

Dec 17, 2013

Chile’s CFR accuses South Africa pension fund of protectionism

JOHANNESBURG (Reuters) – Chile’s CFR Pharmaceuticals CFR.SN has accused South Africa’s state pension fund of protectionism for opposing its $1.2 billion bid for drugmaker Adcock Ingram, a sensitive charge in a country keen to attract capital but wary of foreign takeovers.

The state-run Public Investment Corporation (PIC), Adcock’s (AIPJ.J: Quote, Profile, Research, Stock Buzz) top shareholder, on Sunday rejected a sweetened cash and stock bid from Santiago-based CFR, saying it wanted all cash.

Dec 10, 2013

Boos, jeers humiliate South Africa’s Zuma at Mandela memorial

JOHANNESBURG (Reuters) – South African President Jacob Zuma was booed and jeered at a memorial to anti-apartheid legend Nelson Mandela on Tuesday, a major public humiliation in front of other world leaders six months before national elections.

The hostile reaction from the thousands-strong unruly crowd erupted as Zuma prepared to address the high-profile ceremony in Johannesburg’s Soccer City stadium bringing together leaders from around 90 countries.

Dec 10, 2013

World pays homage to Mandela in mass memorial service

JOHANNESBURG (Reuters) – World leaders, from U.S. President Barack Obama to Cuba’s Raul Castro, will pay homage to Nelson Mandela at a mass memorial in South Africa on Tuesday that will recall his gift for bringing enemies together across political and racial divides.

Obama and Castro, whose countries maintain an ideological enmity lasting more than 50 years, are among the designated orators at a Johannesburg soccer stadium where 23 years earlier Mandela – freshly freed from apartheid jail – was hailed by cheering supporters as the hope for a new South Africa.

Dec 9, 2013

For South Africans, Mandela movie offers chance to say goodbye

JOHANNESBURG, Dec 9 (Reuters) – South Africans have flocked
to see “Mandela: Long Walk to Freedom” since the death of the
anti-apartheid hero at 95 last week, seizing what they see as a
chance to reflect on his life.

The 150-minute biopic starring British actor Idris Elba as
Mandela opened in South Africa just days before the nation’s
first black president and Nobel Peace Prize laureate died at his
Johannesburg home on Thursday.

Dec 6, 2013

S.Africa’s Bidvest raises stake in Adcock to block Chilean bid

JOHANNESBURG, Dec 6 (Reuters) – South Africa’s Bidvest
has raised its stake in drugmaker Adcock Ingram
to 6.8 percent in its effort to block a $1.2 billion
takeover bid by a Chilean firm, a regulatory filing showed on
Friday.

Bidvest and its outspoken founder and chief executive Brian
Joffe are battling to keep Adcock out of the hands of
Santiago-based CFR Pharmaceuticals, which wants to
extend its reach into fast-growing Africa.

Nov 29, 2013

Turkcell lawsuit unlikely to come to court before 2015: MTN

JOHANNESBURG (Reuters) – Turkcell’s (TCELL.IS: Quote, Profile, Research, Stock Buzz) $4.2 billion lawsuit against South African rival MTN Group (MTNJ.J: Quote, Profile, Research, Stock Buzz) is unlikely to be heard in a Johannesburg court before early 2015, MTN’s chief executive said on Friday.

“The initial indications – and again it’s really purely indications – (are) it probably wouldn’t get into court before early 2015,” Sifiso Dabengwa told Reuters in an interview.

    • About David

      "David Dolan covers banks, consumer lenders and financial regulation in the world's second-largest economy. Before that, he covered Tokyo's stock market for Reuters and also did reporting stints on Capitol Hill and Chicago's City Hall. He was born in Ireland and grew up in Chicago."
    • Follow David