Dow Jones is reporting that big EU drug wholesaler The Phoenix Group may be be up for sale after all. McKesson (NYSE:MCK) and Medco Health Solutions (NYSE:MHS) are both mentioned as possible bidders. See Merckle Family Could Sell Parts Of Phoenix.
McKesson seems to be the more likely candidate. Perhaps you noticed that McKesson ended 2009 with $3.4 billion in cash and cash equivalents and only $2.3 billion in long-term debt (source). They could certainly swing a big deal to create the world's first truly global wholesaler.
FYI, the Phoenix Group is one of the big three pan-European drug wholesalers. Phoenix had about $21.5 billion euro in 2008/2009 revenues according to their annual report. The other two are Celesio and Alliance Healthcare, which is part of Alliance Boots and owned by private equity firm Kohlberg Kravis Roberts.
P.S. I believe that the "media report" referenced in the Dow Jones article is the Bloomberg story Heir Merckle in tussle with banks over Phoenix.