Wesfarmers makes $687m play for API

Carrie LaFrenz and Sue Mitchell

Updated Jul 12, 2021 – 6.42pm, first published at 9.29am

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Wesfarmers has made its first move into the $25 billion pharmaceutical, beauty and wellbeing sector, making a $687 million offer for Priceline Pharmacy owner Australian Pharmaceutical Industries and flagging further potential acquisitions.

The surprise offer was lobbed on Monday morning after API’s largest shareholder, Washington H. Soul Pattinson, granted Wesfarmers a call option over its 19.3 per cent stake following talks last week.

Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club.

Sue Mitchell writes the fortnightly Window Shopping column for the Financial Review and has covered retailing for over 30 years.