McKesson deal for Celesio may not be dead just yet

|About: Celesio AG (CAKFF)|By:, SA News Editor

Franz Haniel & Cie, which owns 50.01% in Celesio (CAKFF), could be trying to revive the sale of the German drug distributor to Mckesson (MCK) after the U.S. company fell short of gaining shareholder acceptance for the deal last week.

Reuters reports that Haniel has offered Elliott €23.50 for its shares - the same amount that Mckesson bid - although it's not clear how much Haniel would pay for the hedge fund's convertible bonds in Celesio.

It's also not clear if Haniel is acting as an intermediary for McKesson.

On a fully diluted basis, including convertibles, Haniel owns 41.8% in Celesio and Elliot 26.7%.

McKesson needed shareholder acceptance representing 75% of Celesio's voting rights for its bid to be authorized.