London-based pan-emerging markets private equity firm Actis has made a bid for Adcock Ingram, South Africa's second-biggest pharmaceutical company, Business Day reported, quoting an unnamed source close to the deal. Actis has declined to comment. Earlier this month, Adcock said that it was evaluating non-binding proposals from unnamed bidders that could lead to the acquisition of 100% of the company or a controlling stake in it.
Adcock’s board turned down last month a ZAR 6.2bn (EUR 501.4mn) offer for a 60% stake from South African industrial conglomerate Bidvest Group, saying Bidvest’s proposal was not made correctly. It has not received a new proposal from Bidvest, but Bidvest has said it hoped that Adcock shareholders would be given the opportunity to vote on its previous offer, turning to a potential hostile bid.
JSE-listed Adcock Ingram has been underperforming since 2008, when it was unbundled from South Africa's biggest foods maker Tiger Brands, and analysts have described it as a long-overdue takeover target.
MTN Group, one of Africa’s biggest mobile operators, has said it will struggle to repatriate profits from its Iranian subsidiary MTN-Irancell if heavy sanctions are reimposed on Iran following ... more
Russia's largest oil producer state-controlled Rosneft has acquired 30% in the largest natural gas field in the Mediterranean from Italian Eni, the company announced on October 9. Rosneft that ... more
South Africa's national oil company PetroSA and Rosgeo, the geological exploration company of the Russian Federation, have signed an agreement on a $400mn oil and gas development project in South ... more