The South Australian government has intervened in Cosette’s $672 million takeover of Mayne Pharma, asking the Foreign Investment Review Board to block the buyout over fears the American private equity-backed healthcare giant will close a major Adelaide manufacturing plant.
Premier Peter Malinauskas’ intervention adds a new twist to a legal dispute surrounding the deal which Cosette wants to terminate on the grounds there has been a “material adverse change” in the target’s financial performance since it lodged its offer in February.
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