The European Commission decided on Wednesday 30 March to partially refer the proposed acquisition of a part of McKesson by Phoenix to the French competition authority, at the latter’s request.
At the same time, it endorsed the planned transaction outside of France.
The German companies Phoenix and McKesson are active in the wholesale and retail distribution of pharmaceutical products.
On 9 February 2022, Phoenix notified the acquisition of a number of McKesson portfolio companies, as well as McKesson’s wound care business in Germany as well as other European assets. On 23 February, the French Competition Authority asked the Commission to allow it to assess the proposed transaction in relation to France. In this respect, the Competition Authority has raised competition concerns in a number of markets in France (notably wholesale distribution of pharmaceutical goods).
In the Commission’s view, the proposed acquisition does threaten to significantly affect competition in the markets for wholesale pharmaceutical distribution in France where McKesson and Phoenix are currently the first and fifth largest competitors respectively. The Commission therefore decided to partially refer the transaction to the French Competition Authority. The Commission has approved the remaining part of the transaction. (Original version in French by Lionel Changeur)