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PIC lifts Adcock stake to over 22%

Johannesburg - State pension fund the Public Investment Corporation (PIC) has increased its stake in drugmaker Ingram to over 22%, putting the fund closer to being able to single-handedly block a $1.2bn Chilean takeover bid.

The state-owned has raised its holding to 22.373%, said in a regulatory filing on Tuesday. The fund previously owned around 19% of 's second-largest drugs company.

-based CFR Pharmaceuticals has bid R12.8bn in cash and shares for , an offer that requires approval from shareholders holding 75% of .

The deal is almost certain to fail given the combined opposition from the PIC - which has said it does not want CFR shares - and local firm Bidvest, which has built up its stake to around 7%.

Looking to derail the CFR deal, Bidvest has gone straight to shareholders with an all-cash bid for more than a third of the company.

Shareholders are due to vote on the deal some time next month.

Shares of were down 1% at R71.01, closer to Bidvest's offer price of R70 than CFR's offer of R74.50.

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