Rich South Africans are buying homes in one of the safest countries in Africa
More wealthy South Africans are buying homes in Namibia, ranked as one of the safest countries in Africa, for tax benefits and permanent residency.
Hyderabad-based Natco is offering R75 per share for about 35.75% of stock not already owned by Adcock’s biggest holder, Bidvest, the Johannesburg-based firm said in a statement Wednesday.
Adcock will be delisted from the Johannesburg Stock Exchange.
Shares in Adcock, which produces generic medicines as well as skin-care products, rallied as much as 24% and traded 22% higher at R69.99 as of 14:00 p.m. in Johannesburg.
“Natco and Bidvest will seek new revenue streams and opportunities for the company to expand its footprint in one of the largest and growing markets on the African continent,” Adcock said in the statement.
Bidvest will retain its stake of about 64.25%. The transaction values Adcock at about R12 billion.
Natco will acquire 50.35 million shares from the public and 1.29 million treasury shares or new stock issued by Adcock for about 20 billion rupees ($232 million), according to a statement from Natco.
Issued on Daily Investor by Bloomberg | https://dailyinvestor.com/business/95234/adock-ingram-surges-as-indian-pharma-giant-snaps-up-r4-billion-stake/
