Duisburg, 24 October 2013. Franz Haniel & Cie. GmbH is selling its entire 50.01% interest in Celesio AG to leading North American healthcare services company McKesson Corporation. The price per share is EUR 23.00. This corresponds to a takeover premium of 39% compared to the three-month average price before it was influenced by market rumours. Haniel will generate disposal proceeds of almost EUR 2.0 billion from the transaction.
McKesson will launch a voluntary tender offer for the remaining publicly traded shares and convertible bonds of Celesio once the offer document has been reviewed by the Federal Financial Supervisory Authority (BaFin). The stock purchase from Haniel and tender offers are subject to certain closing conditions, including regulatory approvals and the acquisition by McKesson of a minimum of 75% of the Celesio shares on a fully diluted basis. The tender offers are expected to conclude in the first quarter of 2014.
Stephan Gemkow, Chairman of Haniel´s Managing Board: “We had a long and beneficial relationship with Celesio and successfully supported it during its phase of growth and development. Now the time is right to hand over the interest so that Celesio can complete the next stage in its development under the guidance of McKesson. We are convinced that McKesson is exactly the right fit for Celesio.”
Haniel intends to allocate part of the proceeds from the sale of the shares to further reduce its debt. In recent weeks rating agencies Standard & Poor’s and Moody´s have already raised Haniel’s long-term rating from BB/Ba2 (positive outlook) to BB+/Ba1 (stable outlook), thereby acknowledging the ongoing deleveraging. Further to debt reduction, the transaction offers new opportunities for shaping the investment portfolio.
Haniel has been a shareholder in Celesio since 1973 and has therefore played a key role in moulding and guiding the company on its course of growth and internationalisation. Celesio now operates in 14 countries with around 38,000 employees and generated revenues of EUR 22 billion in 2012. McKesson Corporation, currently ranked 14th on the FORTUNE 500-list of the largest companies in the US, is a leading provider of healthcare services in North America dedicated to making the business of healthcare run better. McKesson partners with payers, hospitals, physician offices, pharmacies, pharmaceutical companies and others across the spectrum of care to build healthier organizations that deliver better care to patients in every setting. McKesson helps its customers improve their financial, operational and clinical performance with solutions that include pharmaceutical and medical-surgical supply management, healthcare information technology and business and clinical services. The company was founded in 1833 and has annual revenues of approximately USD 122 billion (EUR 89 billion) and 43,500 employees.
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