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Bidvest unit increases Adcock stake to 6.8 pct
December 6, 2013 / 2:22 PM / 4 years ago

Bidvest unit increases Adcock stake to 6.8 pct

JOHANNESBURG, Dec 6 (Reuters) - A unit of South Africa’s Bidvest Group has increased its stake in drugmaker Adcock Ingram to 6.8 percent, according to a regulatory filing, as the conglomerate looks to block a Chilean rival’s $1.2 billion takeover offer.

Chile’s CFR Pharmaceuticals has offered cash and shares to buy Adcock, South Africa’s second-largest drug firm. Bidvest, which first tried to buy control of Adcock in March, is looking to raise its stake to around a third to block CFR.

Bidvest has previously said it owns 4 percent. (Reporting by David Dolan; Editing by Ed Cropley)

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