:Australian retail conglomerate Wesfarmers Ltd said on Thursday it bought a 19.3per cent stake in Australian Pharmaceutical Industries Ltd , in an attempt to block Sigma Healthcare Ltd's rival proposed offer.
Sigma offered last month to buy API, valuing the pharmaceutical company at AUS$773.5 million . API said it was in the best interests of its shareholders. Sigma had offered to buy API via a scheme of arrangement, which would require at least 75per cent of shares voted in favour at a shareholder meeting.
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