SA News • Mon, May. 12
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Mon, May. 12, 8:37 AM
- Celesio's (CAKFF) Q1 EBIT nudges up to €95.6M from €95.1M a year earlier as revenue rises 0.3% to €5.38B.
- The company, which was recently bought by McKesson (MCK), forecast that the "unremittingly intensive discount competition in Germany" will diminish in H2. As such, Celesio expects 2014 EBIT to grow slightly from last year. (PR)
Tue, Mar. 18, 8:01 AM
- Celesio (CAKFF), which is being acquired by McKesson (MCK), forecasts that it's adjusted EBIT will return to slight growth in 2014 as the drugs distributor expands its pharmacy network.
- Celesio's EBIT fell 4.8% to €423.6M in 2013, due to pricing pressure in Germany and currency fluctuations.
- Revenue -3.9% to €21.4B.
- Net profit €166.4M vs a loss of €149M. (PR)
Tue, Jan. 14, 9:09 AM
- McKesson (MCK) came pretty close to succeeding in its $8.4B bid for Celesio (CAKFY), receiving tenders representing 72.33% of shares when including the dilutive effect of convertible bonds.
- The U.S. company had set a target of 75% and had won the support of hedge fund Elliot Management, which is a major Celesio shareholder.
- McKesson is now looking at alternative ways of working with the German company, including a joint venture.
Thu, Jan. 9, 7:03 AM
- As flagged, McKesson (MCK) has increased its bid for German peer Celesio (CAKFF) to €23.50 a share from €23 as it looks to win support for the deal from Elliott Management.
- The U.S. hedge fund, which owns almost 25% of Celesio, had opposed the original offer as being too low but has agreed to sell its convertible bonds to McKesson.
- The tender offer is now valued at around €4B ($5.4B) and expires at midnight tonight in Frankfurt. McKesson has made its proposal conditional on obtaining at least 75% of Celesio's shares. (Previous) (PR)
- Update: Elliot says that two of its funds have agreed to sell their convertible bonds and shares in Celesio; from McKesson's press release, it wasn't clear what the status of the Elliot-held stock would be.
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Celesio is a leading international wholesale and retail company and provider of logistics and services to the pharmaceutical and healthcare sectors. The proactive and preventive approach ensures that patients receive the products and support that they require for optimum care.
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