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GE Healthcare and Abbott Scuttle $8B Deal for Diagnostics Units

NEW YORK (GenomeWeb News) — General Electric and Abbott have decided to scuttle their plan for GE to buy two of Abbott’s diagnostics divisions for around $8.13 billion, the firms said yesterday.
 
The companies, whose boards had approved the deal, said they were unable to agree on final terms.  
 
Abbott did not specify which “terms and conditions” killed the deal but maintained that holding the two businesses, which it said generated around $2.7 billion in 2006, will not change its earnings outlook for 2007.
 
GE Healthcare in January said it planned to buy Abbott’s point-of-care and in vitro diagnostics businesses as part of an effort to firm up its foothold in the diagnostics market.
 
GE CEO Jeffrey Immelt said at the time that Abbott’s share of the “growing diagnostics field is aligned with our objective to deliver a comprehensive array of diagnostic products around the world.”
 
Abbott had planned to divest the diagnostics segments in order to streamline its molecular business.

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