Elliott Wants Major Influence Over Buyout Target Celesio

Law360, New York (December 3, 2013, 11:10 AM EST) -- Activist hedge fund Elliott Management LP has built up a sizable minority stake in German drug distributor Celesio AG over several weeks and plans to leverage its holding to exert major strategic influence over the company, Celesio confirmed in a Tuesday filing.

The announcement adds some clarity to Elliott's rationale for a series of stock buys that started in late October, less than a week after Celesio rival McKesson Corp. lobbed a €6.1 billion ($8.2 billion) offer at the company, igniting rumors that Elliott could muck...
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