Australia's Wesfarmers acquires 19% API shares to block Sigma's proposed offer

Australia's Wesfarmers acquires 19% API shares to block Sigma's proposed offer

Sydney Opera House, Sydney, Australia. Photo by Frans on Unsplash

Australian retail conglomerate Wesfarmers Ltd said on Thursday it bought a 19.3% stake in Australian Pharmaceutical Industries Ltd (API), in an attempt to block Sigma Healthcare Ltd’s rival proposed offer.