Cipla, the largest player in the domestic drug market, could play white knight for Cipla Medpro, South Africa's third-largest drugmaker and a key ally of the Indian company. Cipla is looking to acquire around 25 per cent in the manufacturing division of Cipla Medpro, where it does not hold any stake at present.
The success of CMSA has been largely due to the deal with Cipla India, which recently made an offer of R10 per share.
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Top firms will have enough firepower to go for foreign M&As, given their balance sheet growth, say bankers.
Markets extended gains led by financials and capital goods shares coupled with a rebound in IT shares.
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