Cipla's Medpro deal gets shareholders approval

Drug major Cipla on Wednesday said shareholders of South Africa-based Cipla Medpro has approved its around $512 million takeover offer.

Cipla in a filing to the BSE said: "The result of the general meeting of Medpro shareholders has been disclosed by Medpro to the Stock Exchange News Service of the JSE Limited and the scheme has received the requisite approvals from the shareholders of Medpro."

Earlier this year, Cipla had offered to pay 10 rand per share to acquire 100 per cent of Cipla Medpro for a consideration of around $512 million.

Cipla supplies majority of Cipla Medpro's drugs through a long-standing agreement but has never owned a stake in it.

The acquisition of South African firm would help Cipla further strengthen its position in the African continent.