McKesson back on track to secure acquisition of Celesio

US health care services and information technology firm McKesson Corp (NYSE:MCK), says that it has reached an agreement with Franz Haniel & Cie to acquire its entire holding (50%) of German drug wholesaler Celesio (CLS1: XE) shares for 23.50 euros per share, still its previous final offer for the company.

Just earlier this month, McKesson appeared to have abandoned its $8.3 billion deal to acquire its German rival after it was unsuccessful in reaching the 75% completion condition in its offer for the outstanding shares and convertible bonds of Celesio (The Pharma Letter January 14).

In a separate and subsequent agreement, McKesson also announced the acquisition of Celesio convertible bonds from Elliott. These agreements are not subject to any closing conditions and the transactions are expected to close within 10 business days. After the close of the agreements with Haniel and Elliott, McKesson will exceed 75% ownership of Celesio shares on a fully diluted basis.