McKesson Corporation -- Moody's: McKesson's increased offer for Celesio is credit negative and raises likelihood of deal occurring

New York, January 09, 2014 -- Moody's said on 9 January, McKesson Corporation (Baa2 on review for downgrade) announced that it reached an agreement with Franz Haniel & Cie. GmbH (Ba1 stable) to increase its offer for all of its shares of drug distributor and retail pharmacy operator Celesio AG (unrated) to EUR 23.50 per share from EUR 23.00 per share. Celesio is 50% owned by Franz Haniel. At the same time, McKesson will increase the purchase price of all other outstanding shares to EUR 23.50. These developments are credit negative for McKesson because they will increase the purchase price of Celesio's common stock by about $115 million based on about 170 million of outstanding shares. The original purchase price was about $8.3 billion. For additional information, please see Moody's Issuer Comment on McKesson on www.moodys.com.

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