Hedge fund Elliott builds up 12 percent stake in Celesio

FRANKFURT Wed Nov 6, 2013 12:46pm EST

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FRANKFURT (Reuters) - Hedge fund Elliott International has built up a stake of almost 12 percent in German drugs distributor Celesio (CLSGn.DE), currently the subject of an $8.3 billion takeover bid by U.S. rival McKesson (MCK.N).

Elliott owned 11.68 percent of the shares in Celesio on October 31, according to a stock exchange filing on Wednesday.

Elliott, run by U.S. investor Paul E. Singer, has a history of building up stakes in takeover targets with the aim of extracting a better price, such as with Kabel Deutschland (KD8Gn.DE) just a couple of months ago.

(Reporting by Victoria Bryan; editing by David Evans)

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