Four years after a protracted battle with a Chilean rival for control of Adcock Ingram, industrial giant Bidvest wants to dispose of its stake in the company. The intention to sell follows the group's decision to divest from noncore assets, which include an interest in Comair, owner of kulula.com. Bidvest's pursuit of the drug manufacturer was spearheaded by its then CEO, Brian Joffe, resulting in the group acquiring a 30% stake valued at R3.2bn. It currently owns more than 38% in the company, which Chilean drugmaker CFR Pharmaceuticals tried to buy outright in 2014. Bidvest told Business Times it had previously indicated it was looking to divest its noncore assets at fair value. Its core divisions are services, freight, office and print, automotive, financial services, commercial products and electrical. Questionable deal The pharmaceuticals sector was a departure from its focus areas, making the decision to buy into Adcock questionable. The fight over control of the drug manufactu...
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