 "Pharma Sector, Pharma Companies")
Top Australian grocer Woolworths Group made a $613 million approach for No. 1 drugstore chain Australian Pharmacutical Industries, besting an already-agreed buyout from retail giant Wesfarmers and sending the target's shares soaring.
The 11th-hour move from Woolworths sets the scene for a bid war between Australia's two largest retail companies as they look to grow beyond pandemic-related stockpiling while building on their existing coast-to-coast distribution networks.
A month after API signed a A$764 million ($543 million) buyout agreement with Australian Kmart, Target and Officeworks owner Wesfarmers, Woolworths proposed paying 20 cents a share more. API, owner of Priceline and Soul
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