DBRS: McKesson on watch

DBRS said it has maintained the ratings of McKesson Corp. at under review with negative implications following the announcement that it has reached a new agreement to acquire over 75% ownership of Celesio AG on a fully diluted basis.

DBRS noted that it originally placed the ratings of McKesson under review with negative implications on Oct. 24 following the announcement that the company had signed an agreement to acquire a majority stake in Celesio and would launch a parallel voluntary public tender offer for the remaining publicly traded shares and outstanding convertible bonds.

The offer was conditional upon McKesson reaching ownership of 75% of the company on a fully diluted basis, and it was unsuccessful in reaching the 75% completion condition.

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