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Feb 7, 2014

CFR drops $1.2 bln bid for S.Africa’s Adcock, opening door to rival

JOHANNESBURG, Feb 7 (Reuters) – Chile’s CFR Pharmaceuticals
dropped a $1.2 billion bid for South Africa’s Adcock
Ingram on Friday, paving the way for Adcock’s largest
shareholder to overhaul the underperforming drugmaker.

CFR’s defeat was widely expected after South Africa’s
Bidvest Group lifted its Adcock stake to over 34
percent last month, giving it enough to vote down the deal.

Jan 31, 2014

S.Africa’s dogged dealmaker Joffe eyes Adcock victory

JOHANNESBURG, Jan 31 (Reuters) – Brian Joffe, the
hard-headed South African entrepreneur whose empire spans ships
to mops, 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 made another
splash this week when he fended off a rival bid for
Johannesburg’s Adcock Ingram after months of jostling
for control of the drugmaker.

Jan 29, 2014

China’s ICBC to buy control of StanBank unit for $765 mln

JOHANNESBURG, Jan 29 (Reuters) – Standard Bank said
it would sell a 60 percent stake in its London-based global
markets unit to China’s ICBC for $765 million, as
Africa’s top lender scales back operations outside the
continent.

The cash deal announced on Wednesday also highlights the
growing global ambitions of Industrial and Commercial Bank of
China (ICBC), as well as China’s appetite to trade commodities
in addition to consuming them.

Jan 20, 2014

South Africa minister urges platinum industry to avoid strikes

JOHANNESBURG (Reuters) – South Africa’s ailing economy cannot afford more mine labor unrest, Finance Minister Pravin Gordhan said on Monday, after the platinum industry’s main trade union said it would launch a strike at the world’s top three producers this week.

A wave of sometimes violent strikes in the factory and mining sectors constrained growth to a sluggish 2 percent in 2013, hampering efforts by President Jacob Zuma’s government to create badly needed jobs as it braces for elections this year.

Jan 16, 2014

S.Africa’s Bidvest says to close Adcock offer next month

JOHANNESBURG, Jan 16 (Reuters) – South Africa’s Bidvest
Group will close its offer for a stake in drugmaker
Adcock Ingram early next month, it said on Thursday, in
what may be an attempt to speed up a takeover battle that has
been waylaid by delays.

Bidvest, a conglomerate that spans shipping to auto sales,
is attempting to thwart a takeover of Adcock by Chilean firm CFR
Pharmaceuticals.

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.

    • 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."
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