SANTIAGO, July 22 Shareholders of Chilean
pharmaceutical company CFR on Monday approved a roughly
$750 million capital increase to help fund the company's planned
purchase of South Africa's Adcock Ingram Holdings Ltd.
CFR this month made a $1.3 billion bid to acquire all of
Adcock's shares, in what could be a rare tie-up between Chile
and South Africa.
"The transaction would be financed through the capital
increase, as well as our own resources and long-term debt,"
Alejandro Weinstein, CFR's president, said during the
South Africa's Public Investment Corporation (PIC), which
manages the pension of government employees and owns about 14
percent of Adcock, making it the top shareholder, said it would
prefer a buyout by a local player.
CFR's shareholders on Monday also approved listing the
Chilean company in South Africa.