Aspen sells formula to French

Aspen Pharmacare has agreed to sell its infant formula business to French group Lactalis for R12.9 billion, looking to reduce its debt and focus on core operations.

Investors, however, appeared unimpressed with the price tag. Aspen shares dropped over 9% to R245.85 after it announced the deal.

“The disposal is in line with our strategic intention to focus our attention on our core pharmaceutical business,” said Aspen’s Stephen Saad. – Reuters