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Johannesburg - South African stocks slid 1.7% on Tuesday, with AngloGold Ashanti and other index heavyweights hit by a global market sell-off on concerns the US Federal Reserve may start cutting back its stimulus programme.
Shares of drugmaker Adcock Ingram were little changed at R70.01. South African firm Bidvest has asked a high court to stop a $1.2bn (about R12.6bn) takeover bid for Adcock by a Chilean rival, alleging the planned financing of the offer is against the law.
Bidvest, which owns at least 4% of Adcock, is offering shareholders R70 a share, in an attempt to raise its stake and thwart the takeover by Chile's CFR Pharmaceuticals.
One shareholder, who plans to back the CFR offer and asked not to be identified, said:
"Adcock has got a problem with its pipeline and weak management, which is an area where CFR is able to strengthen the company. To me, it's clear there is a value proposition from CFR, but not from Bidvest at that current price."
The benchmark Top-40 index fell 1.7% to 39 194.66. The broader All-Share index dropped 1.6% to 43 962.83.
AngloGold Ashanti tumbled 6.2% to R128.50. Furniture company Steinhoff fell 4% to R38.80.
Investors are worried that the United States, the world's biggest economy, will soon begin to scale back its massive stimulus programme, which has been supportive of emerging market equities.
Trade was active with 208 million shares changing hands on the bourse, decliners outnumbered advancers 242 to 90, while 45 shares were unchanged.
Shares of drugmaker Adcock Ingram were little changed at R70.01. South African firm Bidvest has asked a high court to stop a $1.2bn (about R12.6bn) takeover bid for Adcock by a Chilean rival, alleging the planned financing of the offer is against the law.
Bidvest, which owns at least 4% of Adcock, is offering shareholders R70 a share, in an attempt to raise its stake and thwart the takeover by Chile's CFR Pharmaceuticals.
One shareholder, who plans to back the CFR offer and asked not to be identified, said:
"Adcock has got a problem with its pipeline and weak management, which is an area where CFR is able to strengthen the company. To me, it's clear there is a value proposition from CFR, but not from Bidvest at that current price."
The benchmark Top-40 index fell 1.7% to 39 194.66. The broader All-Share index dropped 1.6% to 43 962.83.
AngloGold Ashanti tumbled 6.2% to R128.50. Furniture company Steinhoff fell 4% to R38.80.
Investors are worried that the United States, the world's biggest economy, will soon begin to scale back its massive stimulus programme, which has been supportive of emerging market equities.
Trade was active with 208 million shares changing hands on the bourse, decliners outnumbered advancers 242 to 90, while 45 shares were unchanged.
