S.Africa's state fund says no to shares of Chile's CFR

JOHANNESBURG Fri Dec 20, 2013 3:59am EST

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JOHANNESBURG Dec 20 (Reuters) - South Africa's state pension fund said on Friday it was still opposed to a $1.2 billion cash and stock takeover offer for local drugmaker Adcock Ingram from Chile's CFR, saying it did not want shares in CFR.

The state-run Public Investment Corporation, the top shareholder in Adcock, said in a statement CFR's offer "reduces the potential for current Adcock Ingram shareholder to benefit from any turnaround in Adock Ingram's financial performance".

(Reporting by Tiisetso Motsoeneng and David Dolan; Editing by Ed Cropley)