Wesfarmers (ASX:WES) share price higher on lithium update
Wesfarmers is a step closer to joining the lithium boom…
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Wesfarmers boss Rob Scott timed his strike to (near) perfection
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Wesfarmers seeks to acquire Priceline in $687 million deal
Source: Inside Retail.
Retail conglomerate Wesfarmers has made a $687 million bid at buying up Priceline’s parent company Australian Pharmaceutical Industries an offer that will net API’s shareholders a 21% premium.
According to Wesfarmers, the deal will provide capital and investment to strengthen API’s competitive position, as well as the position of its community pharmacy partners.
The acquisition would see Wesfarmers take control of Priceline Pharmacy, Clear Skincare, Pharmacist Advice, Soul Pattinson Chemist and Club Premium.
Wesfarmers managing director Rob Scott said the acquisition would also enable the conglomerate to enter the “growing health, wellbeing and beauty sector”.