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Wesfarmers Lobs $687M Takeover Bid for Australian Pharmaceutical Retail Group
Retail and hardware conglomerate Wesfarmers has lobbed a $687 million surprise takeover bid for Australian Pharmaceutical Industries, which owns the 420-strong retail chain Priceline Pharmacy.
The bid was announced on July 12 and includes an 18.7 to 20.5 percent premium on the share price of the group.
API’s executive board noted (pdf) that its portfolio including health, beauty, and skincare businesses was attractive and well-positioned for growth, particularly via online sales channels.
Sales from the group’s physical clinics have taken a battering from COVID-19 lockdowns, which has driven customers online.
Wesfarmers CEO Rob Scott said if the bid were successful, API would form the foundation of a new healthcare division within the conglomerate, from which it could further expand.
Nick Bonyhady16:03, Jul 12 2021
Supplied
The Australian federal government is running a “graphic” new advertising campaign.
A woman gasping for breath in a hospital bed is appearing on Australians screens in a confronting new federal government advertising campaign designed to tell those in New South Wales to stay home. The ad, evocative of Australia’s 1980s “grim reaper” AIDS campaign in its bluntness, was filmed towards the end of last year but Australia’s government decided not to run it because the outbreaks since then have not been severe enough to justify it. That has changed. The ad will appear on social media platforms such as Facebook and YouTube as well as TV for Sydney residents as police continue to fine people at gatherings in breach of lockdown rules.
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Reuters
In May, when Singapore tightened its measures for four weeks to combat a surge in Covid-19 cases, it cost the government $800 million in relief measures. The money helped businesses, including fitness studios, performing arts organisations and eateries, survive that month of harsher rules.
Across the border, Malaysia recently unveiled a 150 billion ringgit (S$48 billion) package, made up of cash aid and wage subsidies, after extending a nationwide lockdown indefinitely.
In Southeast Asia, where most countries are battling new waves of infections driven by the more contagious Delta variant, these scenes have become all too familiar. With each fresh surge, governments impose tough restrictions and then come up with headline-grabbing fiscal injections to rescue their economies.