Elliott Ups Celesio Stake After Failed $8.5B McKesson Buy

Law360, New York (January 21, 2014, 12:38 PM EST) -- Elliott Management Corp. again increased its stake in drug distributor Celesio AG, according to a Monday filing, breathing new life into takeover rumors a week after a €6.23 billion ($8.5 billion) buyout bid from rival McKesson Corp. failed to nail down shareholder support.

The stock buy pushes Elliott's interest in Celesio past 24 percent — or about 32 percent, including the Celesio convertible bonds it holds. The purchase brings Elliott's stake just below the 30 percent threshold for making a mandatory takeover offer under German rules....
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