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S.Africa's Cipla Medpro says talks with India's Cipla ongoing

Source : REUTERS
Last Updated: Mon, Feb 11, 2013 11:09 hrs
Hamied, chairman and MD of Indian generic drugmaker Cipla, speaks on mobile phone in front of cabinets containing company's products before interview in Mumbai

The acting chief executive officer of South Africa's Cipla Medpro said on Monday the generic drug firm has not received any communication from its Indian suitor, Cipla Ltd that an acquisition deal has been put on hold.

India's Economic Times, citing the chairman of Cipla Ltd , reported on Monday that Cipla Ltd's $215 million bid for control of the South African company is on hold.

"I am aware of the that report but I have not been able to verify it and we have not received any communication from Cipla Ltd about its withdrawal from the talks," Johan du Preez, Cipla Medpro's acting CEO, told Reuters.

"As far as we are concerned, the talks are ongoing."

Shares in Cipla Medpro fell 4.2 percent to 9.00 rand, still above the 8.55 rand Cipla Ltd put on the table in November.


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