OLD MUTUAL BUYS ADCOCK STAKE

OLD MUTUAL may have bought the 8,1% stake in pharmaceutical group Adcock Ingram sold by Johnnic last week. Industry analysts believe the financial services giant may plan to sell the stake to Tiger Oats. Reports emerged that Johnnic sold its stake in Adcock to “an unidentified financial institution”. Old Mutual may have become involved in the Adcock saga when Fedsure and Adcock were eying SA Druggists. Analysts suspect that Tiger Oats may be using Old Mutual’s involvement to increase their stake in Adcock.