Germany's Celesio says to exit Brazil to focus on Europe
FRANKFURT, April 27 (Reuters) - German drugs distributor Celesio said on Monday it would put its businesses in Brazil up for sale to allow it to focus on Europe.
The assets include Panpharma and Oncoprod, the company said in a statement.
"In selling its Brazilian operations, Celesio will increase its focus on European markets and customers," the company said.
Celesio bought just over half of the Panpharma shares in 2009 for 125 million euros ($136.05 million) and acquired the rest of the company for another $345 million.
At the time, Panpharma was Brazil's largest drugs distributor and the deal marked Celesio's first major expansion outside Europe into emerging markets.
($1 = 0.9188 euros) (Reporting by Harro ten Wolde. Editing by Jane Merriman)
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