Celesio still has claws in Protek despite delays

German-headquartered Celesio, the EU's largest drug distributor, is continuing to pursue a majority stake in Russian drug company Protek, despite a delay in the process, according to CEO Fritz Oesterle.

Oesterle said the delay was due to uncertainty concerning a possible nationalisation of one of Russia's top three pharmaceuticals companies, of which Protek is one, before the Russian elections earlier this month.

The speculation, although now diminished, now means that no deal would complete this year, according to Oesterle, who added that the transaction was not in jeopardy.

He said in a press statement on 12 December that if the company had the chance to get more information in the next two months then it would seize it.

When Celesion revealed the deal in October, it said it expected negotiations to be completed by mid-December. Oesterle also said Celesio was on the lookout for acquisitions in eastern Europe in 2008.