New York regulators have passed Aetna’s bid to purchase Louisville-based Humana – a boost after a brutal stretch for the industries.
Bloomberg reported that New York offered its conditional support for the acquisition, one of the last or final states required to OK the deal. That comes as reports have circulated immensely that the Department of Justice, which must provide its blessing before the transaction can close, met with executives from both industries previous Friday over uncertainties about anti-competitive affects of the merger.
The industries in the month of late June declared that their merger would not close by the day of June 30, as the sale agreement had stipulated, and that they had extended the target time to the day of Dec. 31. Representatives forced that the extension was hoped, but it also raised queries about headwinds for the deal.
Reports about the meeting with regulators and queries about whether Aetna’s policies to divest itself of assets in the Massachusetts and other places would allay the DOJ’s skepticism sent the stock of Humana into a free fall late previous week. Few firms downgraded the stock of Humana, which plunged from almost $190 per share in the month of late June to about $156 each share Wednesday after the sector overall started to rebound.
Few groups condemned the mergers of Aetna and Humana, and opponents Cigna and Anthem, have asserted the DOJ to refuse the merger appeal, discussing that divestitures do not deal the anti-trust issues they are proposed to solve. Aetna and Humana have demonstrated they’d battle the litigation if the DOJ sues to block the deal. A same suit to block the purchase of Electrolux of General Electric’s appliance division led GE to pull off the sale previous December and put the division back on market.
The sale this summer to Haier Group of the state China brought a far greater cost – $5.4 billion – and did not include the anti-trust problems that bedeviled the Electrolux agreement.
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