Street Talk

Woolies, Wesfarmers set up epic battle for API

Anthony Macdonald, Yolanda Redrup and Kanika Sood

Dec 2, 2021 – 9.50am

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Woolworths has reopened one of the great rivalries in corporate Australia, taking on top-20 rival Wesfarmers for pharmacy supplies group Australian Pharmaceutical Industries.

Just when it looked like Wesfarmers had API all stitched up, Woolworths has stormed the fort with a $1.75-a-share indicative bid, which is substantially higher than Wesfarmers’ $1.55-a-share agreed deal.

Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com

Yolanda Redrup is the editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au