Wesfarmers, a retail and industrial conglomerate, completed the acquisition of Australian Pharmaceutical Industries, a health and beauty company, for $565m. API said it had entered into a scheme implementation deed and that its board unanimously recommended shareholders accept Wesfarmers' cash offer of $1.14 per share. API had initially said a proposal by Sigma Healthcare Ltd. looked more favorable even though it would take longer to implement, but Sigma withdrew that proposal on November 5. “Wesfarmers continues to see opportunities to invest in and strengthen the competitive position of API and its community pharmacy partners by expanding ranges, improving supply chain capabilities and enhancing the online experience for customers. In addition to our discussions with API management, we have engaged with industry stakeholders during due diligence. As we have previously stated, Wesfarmers supports the community pharmacy model, including the pharmacy ownership and location rules. Wesfarmers recognises the importance of strong relationships with our trading partners and we look forward to working closely with API’s pharmacy partners, suppliers and other industry stakeholders," Rob Scott, Wesfarmers Managing Director. On December 2, 2021, Woolworths made a $613m offer for Australian Pharmacutical Industries.