Sale of Aspen’s infant milk business to go through on Friday

Pharmaceutical manufacturer Aspen Pharmacare has confirmed that the sale of its infant milk business to French dairy company Lactalis will go through on May 31, injecting €740m into the debt-laden company.

Aspen’s stock rallied as much as 6.7% to R98.88 after the company’s announcement on the JSE’s news service at 9am, before falling back to trade at R93 at about 2pm. Aspen announced the Lactalis deal in September 2018, disappointing investors who had hoped it would get a higher price for the infant milk unit. That news, combined with a dismal 3% growth in group revenue for the year to June, knocked Aspen’s shares to their worst intraday fall in two decades, wiping as much as 26% off its price before it recovered slightly.

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