Major shareholders Bidvest, PIC oust chairman of S.Africa's Adcock

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Major shareholders Bidvest, PIC oust chairman of You are not allowed to view links. Register or Login's Adcock

<p><a href="http://news.yahoo.com/major-shareholders-bidvest-pic-oust-chairman-africa-39-104624441.html"><img src="http://l3.yimg.com/bt/api/res/1.2/NKPi2SmoUIfYHMem2UTSDA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3B4b2ZmPTUwO3B5b2ZmPTA7cT03NTt3PTEzMA--/http://media.zenfs.com/en_ZA/News/Reuters/2014-02-19T104624Z_1_AJOEA1I0TXF00_RTROPTP_2_OZABS-SAFRICA-ADCOCK-20140219.JPG" width="130" height="86" alt="A man walks past the Adcock Ingram offices in Johannesburg" align="left" title="A man walks past the Adcock Ingram offices in Johannesburg" border="0" /></a>Adcock Ingram's top two shareholders have ousted its chairman after a long-running battle for control of its board and are now expected to push through changes to turn around South Africa's second biggest drug company. Bidvest and state-run pension fund Public Investment Corporation (PIC) say Adcock could fast-track its turnaround with leadership changes and want Bidvest chief executive Brian Joffe and two other executives they have nominated to be appointed as directors. Khotso Mokhele's resignation late on Tuesday comes weeks after Bidvest became Adcock's biggest shareholder and torpedoed a foreign takeover of the company. Adcock, 55.5 percent-owned by Bidvest and PIC, has been hit by slow sales, currency swings and over-reliance on the highly regulated South African market.</p><br clear="all"/>

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