CFR Moves Closer to Share Sale

Chile’s CFR Pharmaceuticals has registered the sale of 3bn shares, working under a $750m-equivalent capital raise authorization. The sale of 3bn shares would fetch CLP333bn ($651m) at Tuesday’s CLP111.00 closing price. The pharmaceuticals specialist is raising funds to help fund a $1.3bn offer it has made for South Africa’s Adcock Ingram. The offer was approved by CFR shareholders this month, and awaits the response from Adcock’s.