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[August 25, 2014]
Adcock leaps on speculation of a full Bidvest buyout [Pretoria News (South Africa)]
(Pretoria News (South Africa) Via Acquire Media NewsEdge) The benchmark Top40 index fell 0.65 percent to 45 982.92 while the all share index lost 0.48 percent to 51 197.16.
Adcock leapt 6.14 percent to R52 on speculation the move could trigger a full buyout.
Conglomerate Bidvest already owns 34.5 percent of Adcock. A document from the Competition Commission said Bidvest intended to increase that to more than 50 percent. Bidvest shares eased 0.28 percent to R289.19 on Friday.
Bidvest chief executive Brian Joffe has been trying to take control of the underperforming drug maker since March last year.
"There's more value in the business and I'm pretty sure Brian Joffe sees that too," said Reuben Beelders at Gryphon Asset Management.
Iron ore producer Assore was the biggest blue chip decliner, shedding 1.76 percent to R323.32 as the price of iron ore fell below $92 a ton to its lowest level since June, under pressure from plentiful supply.
On the currency markets the rand was bid at R10.7027 to the dollar at 5pm on Friday, a loss of 3.51c from Thursday at the same time.
It touched the higher and lower ends of its recent range following cautious remarks from the US Federal Reserve.
The Fed would move cautiously on raising rates, chairwoman Janet Yellen signalled.
"Yellen said there is nothing simple going ahead, but has warned about rate hikes coming sooner and that has probably put our rand on the back foot," Cheslyn Francis, a currency trader at Afrifocus, said.
Pretoria News (c) 2014 Independent Newspapers (Pty) Limited. All rights strictly reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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