GE, Abbott Call off Deal
Abbott and GE have scrapped a deal that would have sent Abbott's diagnostic businesses to GE for $8 billion. The firms could not agree on final terms, reports Reuters News. Abbott, like Bayer before it, wants to sell its diagnostics business because it doesn't have the growth potential that its pharmaceutical business does. But if GE won't buy it, who will? Siemens is reeling from the fallout over a bribery scandal. Most other diagnostics companies aren't big enough to even contemplate such a deal.
July 12, 2007
Abbott and GE have scrapped a deal that would have sent Abbott's diagnostic businesses to GE for $8 billion. The firms could not agree on final terms, reports Reuters News. Abbott, like Bayer before it, wants to sell its diagnostics business because it doesn't have the growth potential that its pharmaceutical business does. But if GE won't buy it, who will? Siemens is reeling from the fallout over a bribery scandal. Most other diagnostics companies aren't big enough to even contemplate such a deal.
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