Haniel Hires JPMorgan to Advise on Sale of Celesio Stake

By IVCPOST Staff Reporter

Jul 22, 2013 07:57 PM EDT

Holding company Franz Haniel & Cie GmbH has acquired the services of JPMorgan Chase & Co. (JPM) as adviser in exploring several options which include the sale of its stake in Celesio AG (CLS1).

Celesio, a Germany-based pharmaceutical retailer, has climbed to 36 percent this year in terms of stock when rumors of the company's sale started to surface. This had brought up the Stuttgart-based company's market value to EUR 3 bilion (USD 4 billion).

At the close in Frankfurt, Celesio shares rose 9.3 percent to EUR 17.70, the highest gain in a month. Markus Pinger, Celesio's former Chief Executive Officer, was fired earlier this month after hiring Citigroup Inc. to advise on a potential business deal, sources added.

Sources who asked to remain undisclosed confirmed that Haniel has hired JPMorgan to advise on the sale of its entire or partial Celesio stake as well as a partnership with another company.

Talks continue to remain private and the process is still at an early stage. 

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