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API Shareholders Support Wesfarmers Takeover

Wesfarmers look likely to takeover Priceline owner Australian Pharmaceutical Industries within the month, after shareholders overwhelmingly backed the Perth conglomerate’s $763m takeover.

More than 86 per cent of shareholders voted, with 96.9 per cent in favour of the takeover, priced at $1.55 a share. Assuming all is well with Federal Court approval, Wesfarmers will own Priceline and Soul Paterson from March 31. The ACCC said last month it would not oppose the deal.

“API provides an attractive opportunity for Wesfarmers to enter the growing health, wellbeing and beauty sector, and we are looking forward to working closely with API’s pharmacy partners, suppliers and other industry stakeholders,” CEO Rob Scott said.

“Today’s approval of the Scheme by API shareholders is an important milestone and completion of the transaction is expected to take place later this month, subject to final Court approval.”

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