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Wesfarmers’ API takeover: Growth drug or poison pill?

Imagine running a business with more than 1400 managing directors. That is a good analogy for one of the challenges ahead of Wesfarmers if, as now expected, it succeeds with its takeover of Australian Pharmaceutical Industries. The issue of satisfying the hearts and minds of 1400-plus pharmacy customers may well have been a consideration in Woolworths’ decision to withdraw its rival offer for API this month. Lodged in December, Woolworths’ $872 million non-binding offer trumped Wesfarmers’