McKesson strikes deal to take over Celesio

24th January 2014, Comments 0 comments

US healthcare group McKesson said late Thursday it had struck a deal to take over German pharmaceuticals wholesaler Celesio after an earlier, sweetened bid valued at 6.2 billion euros ($8.5 billion) failed.

The acquisition will create a world leader in the healthcare services sector. The previous bid failed when sufficient Celesio shareholders balked, holding out for a higher premium.

McKesson said in a statement it had "reached an agreement with Franz Haniel & Cie. GmbH to acquire their entire holding of Celesio shares for 23.50 euros per share."

The Haniel group confirmed in a statement it had "sold its 76 percent stake in Celesio AG to McKesson."

In a separate and subsequent agreement, McKesson also announced the acquisition of Celesio convertible bonds from hedge fund Elliott.

McKesson -- which ranked 14th last year on the Fortune 500 list of US companies, with revenues of $122.7 billion -- said it intends to launch a voluntary tender offer to the remaining minority holders of Celesio common shares.

McKesson and Celesio had said earlier this month they hoped the combined company "will be one of the largest pharmaceutical wholesalers and providers of logistics and services in the healthcare sector worldwide," with a workforce of around 81,500 people in 20 countries.

© 2014 AFP

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