Hedge fund Elliott lifts stake in Celesio

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Hedge fund Elliott lifts stake in Celesio

Hedge fund Elliott International has lifted its stake in German drugs distributor Celesio, bringing it close to a position where it could block the $8.3 billion takeover bid by McKesson. Celesio said on Tuesday that Elliott gained control of 25.16 percent of the voting rights in the company. However, when additional shares from Celesio's two convertible bonds are taken into account, Elliott's voting stake stands at 21.05 percent. McKesson has said its 23 euro ($31.07) per share takeover offer is conditional upon it obtaining at least 75 percent of Celesio's shares, including those from the convertible bonds.

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