By Stuart Condie

SYDNEY--Wesfarmers Ltd. said it acquired a 19.3% stake in Australian Pharmaceutical Industries Ltd. and remained committed to an attempted takeover in the face of a rival approach.

The retail and industrial conglomerate on Thursday said it had acquired the stake from ASX-listed investment firm Washington H. Soul Pattinson and Co. It added that it did not intend to vote in favor of Sigma Healthcare Ltd.'s rival proposal for pharmaceutical supplier and retailer API.

Wesfarmers exercised an option to acquire the shares from WHSP under the terms of an undertaking agreement, paying 1.38 Australian dollars (US$1.00) per share. Wesfarmers' revised all-cash proposal values the stock at A$1.55 and it will top up its payment to WHSP to the full consideration of its acquisition is successful.

Shares in API last traded at A$1.50.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

10-06-21 1844ET