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McKesson moving ahead with Celesio purchase

SAN FRANCISCO (AP) -- Health care services company McKesson said Thursday it now owns more than 75 percent of German drug distributor Celesio, which will allow it to buy the company outright.

McKesson tried to buy Celesio in late 2013 and early 2014, but it needed about 75 percent of Celesio's stock and bondholders to vote in favor of its offers. After it failed to get enough support, the company said it would buy Franz Haniel & Cie GMBH and Elliott Management's stakes in Celesio.

Franz Haniel owned a 50 percent stake in Celesio, and Elliott owned about 25 percent of the company.

McKesson Corp. has said it will make a voluntary tender offer to buy stock from the remaining shareholders. Celesio is one of the biggest pharmaceutical distributors in Europe, and McKesson says it expects Celesio to add between $1 and $1.20 per share to its adjusted net income in the first year after closing.

Shares of McKesson rose $2.76 to $117.38 in morning trading.