Chile's CFR cancels capital hike after failed takeover bid

SANTIAGO, April 22 Tue Apr 22, 2014 12:58pm EDT

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SANTIAGO, April 22 (Reuters) - Chilean pharmaceutical group CFR cancelled its planned $750 million capital hike on Tuesday, following the collapse of its attempt to buy South Africa's Adcock Ingram, but said it continued to seek emerging market opportunities.

CFR dropped its $1.2 billion bid for Adcock in February, losing out to South Africa's Bidvest Group.

The cash raising had initially been approved by shareholders last year to help fund the planned purchase.

"We are going to carry on growing organically and via acquisitions in emerging markets, where the pharmaceutical industry has double digit growth," said CFR Chief Executive Officer Alejandro Weinstein at an extraordinary general meeting on Tuesday in Santiago.

"We will do it strategically, maintaining our conservative debt policy."

(Reporting by Anthony Esposito, Writing by Rosalba O'Brien; Editing by Tom Brown)

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