Sunday, October 17, 2021

Australia’s Wesfarmers buys 19per cent API shares to block Sigma’s proposed offer

Australia’s Wesfarmers Ltd said on Thursday it has bought 19.3per cent of the shares of Australian Pharmaceutical Industries Ltd, as part of a deal with API’s top shareholder in July to block rival Sigma Healthcare Ltd’s proposed offer.

Sigma made an offer for API last month, valuing the pharmaceutical company at AUS$773.5 million (US$562.72 million).

(US$1 = 1.3746 Australian dollars)

(Reporting by Indranil Sarkar in Bengaluru)

This article originally appeared on the CNA
Source link Author on date 2021-10-06 23:04:21

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