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

Jul 12, 2007

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.

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