(Corrects name of company in headline to Adcock from Abil)
* Top-40 loses 0.65 percent
* All-share sheds 0.48 percent
JOHANNESBURG, Aug 22 South African stocks sank
on Friday in line with global markets as tensions escalated over
Ukraine, but drugmaker Adcock Ingram surged on news
that top shareholder Bidvest Group was looking to raise
Adcock leapt over 6 percent to 52 rand on a report that the
move could trigger a full buy-out.
Bidvest, a conglomerate that spans shipping to catering,
already owns 34.5 percent of Adcock, South Africa's
second-largest drugmaker. A document from South Africa's
competition regulator seen by Reuters on Thursday said Bidvest
intended to increase that to more than 50 percent.
Bidvest Chief Executive Brian Joffe has been trying to take
control of Adcock since March last year, seeing a chance to turn
around another underperforming company.
"There's more value in the business and I'm pretty sure
Brian Joffe sees that too," said Reuben Beelders, portfolio
manager at Gryphon Asset Management.
But overall the market was down, with iron ore producer
Assore the biggest decliner among blue chips, shedding
1.8 percent to 323.32 rand, as the commodity's price dropped
below $92 a tonne to its lowest since June, under pressure from
plentiful supply and tougher credit conditions.
The benchmark Top-40 index fell 0.65 percent to
45,983 while the wider All-share index lost 0.48 percent to
Decliners pipped advancers 146 to 141, according to
preliminary bourse data, while a modest 140 million shares
(Reporting by Ed Stoddard; Editing by David Dolan)