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McKesson Fails in Bid for Celesio

Drug distributor failed to reach the 75% completion condition for outstanding shares of Celesio.

McKesson Corp. (NYSE: MCK), San Francisco, CA, announced it was unsuccessful in reaching the 75 percent completion condition in its offer for the outstanding shares and convertible bonds of Celesio.

“While we are disappointed that we were not successful in completing our offers for Celesio, we have a track record of great performance, a strong balance sheet and demonstrated leadership and scale across our markets,” said John H. Hammergren, McKesson CEO. “We are well positioned and will continue to explore and evaluate opportunities to further strengthen our businesses through our disciplined approach to capital allocation.”

The drug wholesaler agreed to acquire Celesio AG, a Germany-based distributor, in a transaction valued at $8.3 billion, in October 2013.

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