CFR Shareholders Applaud Cancellation Of Adcock Deal


News: Bond investors approve of Chile-based CFR Pharmaceuticals' decision to call off its ZAR12.8bn (USD1.24bn) offer to buy South Africa's Adcock Ingram, which failed to secure sufficient shareholder support. The decision has eased concerns that CFR would increase its debt to finance the purchase, triggering ratings cuts. Pedro Pablo Larrain, a money manager at Sartor Investments in Santiago, said: 'It is a very good sign that CFR walked away from the deal... It shows that the company will only pay reasonable prices for targets that will actually be a benefit and make it more efficient,' reports BDLive.

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Related sectors of this article: Pharmaceuticals & Healthcare, M&A
Geography: South Africa, Chile