UPDATE 2-Celesio board clears contested Brazil takeover

* Celesio to buy 50.1 percent stake in Panpharma

* Initial plan was to buy 54 percent

* Pays less than 150 million euros for stake -source

* Q2 EBITDA 150 million euros, down from 160 mln a year ago

* Shares up 0.9 percent

(Adds trading statement, analyst comment)

By Ludwig Burger and Frank Siebelt

FRANKFURT, July 10 (Reuters) - Celesio AG's (CLSGn.DE) supervisory board gave the green light on Friday for the German drug distributor's contested takeover of a Brazilian peer, which had exposed a rift between its management and main shareholder.

Celesio said directors cleared the acquisition of 50.1 percent in Panpharma, down from the 54 percent it had initially said it would purchase as part of a planned capital increase at Brasil's largest drug distributor.