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Drug major Cipla Ltd today said it has received approval from the authorities of South Africa and Botswana for the $512 million takeover offer to acquire Cipla Medpro.
“With reference to the earlier announcement dated May 15, 2013 on acquisition of 100 per cent of Cipla Medpro South Africa Ltd... the approvals for the scheme from the South African and Botswana competition authorities have been received,” Cipla Ltd said in a filing to the BSE.
The implementation of the scheme is still subject to various other approvals and conditions, including regulatory and government approvals, it added.
Last month, Cipla Medpro shareholders had approved the Indian company’s $512 million takeover offer.
Earlier this year, Cipla had offered to pay 10 rand per share to acquire 100 per cent of Cipla Medpro for a consideration of around $512 million.
Cipla supplies majority of Cipla Medpro’s drugs through a long-standing agreement but has never owned a stake in it.
The acquisition of South African firm would help Cipla further strengthen its position in the African continent.
Shares of Cipla today closed at Rs 379.15 apiece on the BSE, down 0.18 per cent from their previous close.
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