A.COLEMAN’S As was widely reported, we closely examined the possibility of merging with a food-distribution business during the year. However, whilst the strategic rationale for combination was sound, it became clear that it would not be in our shareholders’ best interests to proceed with the deal, with its risk of increasing debt. Instead, we intend to concentrate on our core activity. Nevertheless, the market within which we operate is fiercely competitive, and the advent of new entrants is creating market conditions in which continued earnings growth will become increasingly challenging.
B.SHERIFF This is a momentous period for the pharmaceutical industry. Against the background of scientific and economic change, we are seeing inevitable further consolidation of what remains one of the most fragmented of the great global industries. Sheriff will not shrink from participating in this process if circumstances necessitate such action in the interests of future
A. A
B. B
C. C
D. D
E. E
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