Wesfarmers to buy Australia's API for $547 mn after Woolworths backs out

Australian Pharmaceutical Industries said on Friday conglomerate Wesfarmers Ltd would buy it for A$763.6 million ($546.9 million) after Woolworths pulled out of a race to acquire the country's top drugstore chain.
 

The news sent API's shares tumbling 12.7% to A$1.51 in early trade, as Wesfarmers' A$1.55 per share offer was 20 cents a share lower than Woolworths' proposal.
 

The deal will mark Wesfarmers' first foray into the pharmacy sector, giving it access to API's network of retail stores, skincare clinics, and a distribution network of pharmaceutical and healthcare products.
 

Woolworths, in a separate statement, said it had "not been able