Wesfarmers wants to buy Priceline owner

Wesfarmers wants to buy Australian Pharmaceutical Industries and has made a $687 million offer to purchase the remaining shares.

Wesfarmers on Monday told the share market buying the Priceline Pharmacy owner would form the basis of a new healthcare division.

Australian Pharmaceutical Industries also owns the Soul Pattinson and Pharmacist Advice chemists, as well as Clear Skincare clinics.

Wesfarmers is offering $1.38 for each share it does not own. This is a 21 per cent premium on the July 9 closing price.

Washington H. Soul Pattinson, which owns 19.3 per cent of Australian Pharmaceutical Industries, is in favour of the offer.

API shares were higher by 19.21 per cent to $1.36 at 1059 AEST.

Wesfarmers shares were up by 0.11 per cent to $58.06.

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