Celesio says Elliott seeks wide-ranging influence over group
FRANKFURT Dec 3 (Reuters) - Celesio AG said it was notified by Paul E. Singer and its hedge fund Elliott that the U.S. investor seeks to exert wide-ranging influence over the German drugs distributor.
Elliott this month lifted its stake in Celesio to 21 percent, bringing it close to a position where it could block the $8.3 billion takeover bid by McKesson.
According to Celesio, Singer intends to buy more shares over the next 12 months but does not rule out a sale either.
Singer also said he intends to exert influence over the appointment of managers and board members and to materially change the capital structure of Celesio, the German group said.