Bidvest and Adcock Ingram settle with competition watchdog in merger case
Bidvest’s and Adcock Ingram’s offer to pay a combined R2m fine without admitting guilt was accepted by the Competition Tribunal on Thursday. According to the commission, Bidvest acquired a controlling stake in pharmaceutical group Adcock Ingram in 2014 before getting approval from competition authorities. "In order to avoid protracted and expensive litigation, the respondents have, without admitting guilt, reached a settlement with the Competition Commission," Adcock Ingram said on Thursday. "The settlement has been confirmed by the Competition Tribunal. "As part of the settlement, the respondents have agreed to pay a settlement amount of R2m and to develop, implement and monitor a competition law compliance programme for senior management and directors." Bidvest’s share price fell 3.7% to R155.24 and Adcock Ingram’s 2.9% to R56.77 in a generally weak day for JSE shares on Thursday. Adcock Ingram said in its statement it "had possibly contravened section 13A(3) of the Competition Ac...
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