VENTURE CAPITAL POST

Shareholders of Chile-based firm CFR Pharmaceuticals gave a nod on Friday for a sweetened takeover offer for South African drug maker Adcock Ingram in a bid to woo the top shareholder of the South African firm.

Cape Town, South Africa-based investment firm Foord Asset Management has lifted its stake in Johannesburg-based drug maker Adcock Ingram to 15%, according to a regulatory filing on Friday.

South Africa-based asset manager Oasis Group Holdings has sold off its 2.2% stake in pharmaceutical firm Adcock Ingram to an undisclosed buyer, according to a spokesman.

An unnamed source told Reuters that drugmaker Adcock Ingram's largest shareholder Public Investment Corporation will not be putting up its 19% ownership stake for sale as the offer extended by potential buyer Bidvest undervalued its holding.

The following bids, mergers, acquisitions and disposals were reported on tuesday including Adcock Ingram, Energa, Nordea Bank, Alitalia, Ben Venue, TIM Participacoes, Douglas, Mercator, Novartis, OncoMed, Kerning and Malaysia Airports

South Africa's industrial conglomerate has joined forces with unlisted drug firm Community Investment Holdings (CIH) to buy a stake in Adcock Ingram in a move that could derail Chilean company CFR Pharmaceutical's takeover bid, said a Business Day Live report.

Chile-based drug firm CFR Pharmaceuticals promised a 25.1% stake for its black shareholders should the acquisition of local pharmaceutical company Adcock Ingram be approved, in line with South Africa's black economic empowerment (BEE) codes.

The following bids, mergers, acquisitions and disposals were reported on Tuesday including Nokia, IntercontinentalExchange Group, Goldman Sachs and others.