Abbott gets US antitrust approval to buy St. Jude Medical
Posted 28 Dec 2016 03:40 Updated 28 Dec 2016 09:20
Traders gather at the booth that trades Abbott Laboratories on the floor of the New York Stock Exchange, December 10, 2012. REUTERS/Brendan McDermid
WASHINGTON: Healthcare company Abbott Laboratories has won U.S. antitrust approval for its proposed US$25 billion acquisition of medical device maker St. Jude Medical Inc , the U.S. Federal Trade Commission said on Tuesday.
Abbott agreed to divest two medical devices used in cardiovascular procedures to resolve FTC concerns the acquisition would stifle competition, the commission said in a statement.
"We continue to work to obtain final regulatory approvals and anticipate closing before the end of the year or shortly thereafter," Abbott spokeswoman Elissa Maurer said in an email.
The company will sell St. Jude's vascular closure device and Abbott's steerable sheath to Japan-based Terumo Corp . In October, Abbott said the companies would sell some of their medical device businesses to Terumo for about US$1.12 billion as a step toward completing the deal.
Vascular closure devices are used to seal small holes made in an artery to prevent bleeding following a coronary angiogram, a special x-ray to see if coronary arteries are blocked or narrowed. Steerable sheaths are used to help place catheters into the heart.
European antitrust enforcers agreed to the deal in November provided the companies divest the two devices. Representatives for Abbott and St. Jude were not immediately available for comment.
Abbott has said the deal will help it compete against larger rivals Medtronic Plc and Boston Scientific Corp as hospitals look to cut the number of their suppliers.
St. Jude has been under pressure after short-seller Muddy Waters and research firm MedSec Holdings said in August that its heart devices were riddled with defects that make them vulnerable to cyber hacks. St. Jude has denied the allegations and sued both firms.
In October, St. Jude said it had told doctors to stop implants of its Nanostim leadless cardiac pacemaker, citing reports of problems with electronic data reporting caused by a battery malfunction that could put patients at risk.
There have been no reports that any patient injuries resulted from the malfunction, St. Jude has said.
Abbott has been divesting businesses to focus on its cardiovascular devices and diagnostics business, selling its medical optics division to Johnson & Johnson for US$4.3 billion earlier this year. It spun off its pharmaceuticals business as AbbVie Inc in 2013.
Abbott is trying to pull out of a second deal, the US$5.8 billion acquisition of diagnostic test maker Alere Inc , which had failed to file financial statements and disclosed probes into billing and foreign sales practices.
The two companies are suing each other.
(Reporting by Diane Bartz; Additional reporting by Toni Clarke; Editing by Leslie Adler, Alan Crosby and David Gregorio)
- Reuters
- wong chee tat :)
Wednesday, December 28, 2016
Businesses find 2016 tough, expect 2017 to be tougher: Survey
Businesses find 2016 tough, expect 2017 to be tougher: Survey
By Calvin Hui Posted 28 Dec 2016 11:03 Updated 28 Dec 2016 12:02
SINGAPORE: Nearly two-thirds of local businesses felt that Singapore's economic climate has declined in 2016 and nearly half of the companies polled expect the situation to worsen in 2017, according to latest findings from the National Business Survey released on Wednesday (Dec 28).
The 2016/207 edition of the survey, which was conducted by the Singapore Business Federation (SBF), received responses from more than 1100 companies across different industries.
Some key challenges cited by businesses included operating costs and manpower issues, which included factors like labour costs, manpower laws as well as attracting and retaining younger workers.
SBF CEO Ho Meng Kit said: ““Singapore is impacted by the current subdued external demand and global trade due to its open and outward-oriented economy.
"Domestically, high operating costs and the constraints imposed by our foreign worker policies continue to affect businesses. Businesses find operating under this persistently tepid global and domestic economy challenging.”
The survey also found that only 3 in 10 businesses are satisfied with current government policies, with small and medium enterprises being less satisfied than larger ones.
In a press statement, the SBF said this indicates that the steps taken in this year’s budget were not “far-reaching enough, and do not have significant near term impact”.
SBF added that the focus in next year’s Budget should look at measures to assist businesses with manpower issues, as well as lower government compliance costs, fees and taxes.
Meanwhile, businesses are not embracing the government's message to transform and restructure, according the SBF. Just over 60 per cent of businesses surveyed agree that there is a need for companies to transform.
Among the SMEs, the survey revealed that majority had not yet made any significant adjustments to adapt to a slowing economy, as well as technological change and disruption.
And while the push to internationalise and expand overseas have been cited as a way for businesses to thrive, the survey showed that businesses are lacking in understanding of the opportunities available and requirements needed.
The data also showed that companies feel they do not think they will benefit from trade pacts, like the ASEAN Economic Community and Free Trade Agreements.
This year’s survey was done in collaboration with Blackbox Research Pte Ltd.
- CNA/am
- wong chee tat :)
By Calvin Hui Posted 28 Dec 2016 11:03 Updated 28 Dec 2016 12:02
SINGAPORE: Nearly two-thirds of local businesses felt that Singapore's economic climate has declined in 2016 and nearly half of the companies polled expect the situation to worsen in 2017, according to latest findings from the National Business Survey released on Wednesday (Dec 28).
The 2016/207 edition of the survey, which was conducted by the Singapore Business Federation (SBF), received responses from more than 1100 companies across different industries.
Some key challenges cited by businesses included operating costs and manpower issues, which included factors like labour costs, manpower laws as well as attracting and retaining younger workers.
SBF CEO Ho Meng Kit said: ““Singapore is impacted by the current subdued external demand and global trade due to its open and outward-oriented economy.
"Domestically, high operating costs and the constraints imposed by our foreign worker policies continue to affect businesses. Businesses find operating under this persistently tepid global and domestic economy challenging.”
The survey also found that only 3 in 10 businesses are satisfied with current government policies, with small and medium enterprises being less satisfied than larger ones.
In a press statement, the SBF said this indicates that the steps taken in this year’s budget were not “far-reaching enough, and do not have significant near term impact”.
SBF added that the focus in next year’s Budget should look at measures to assist businesses with manpower issues, as well as lower government compliance costs, fees and taxes.
Meanwhile, businesses are not embracing the government's message to transform and restructure, according the SBF. Just over 60 per cent of businesses surveyed agree that there is a need for companies to transform.
Among the SMEs, the survey revealed that majority had not yet made any significant adjustments to adapt to a slowing economy, as well as technological change and disruption.
And while the push to internationalise and expand overseas have been cited as a way for businesses to thrive, the survey showed that businesses are lacking in understanding of the opportunities available and requirements needed.
The data also showed that companies feel they do not think they will benefit from trade pacts, like the ASEAN Economic Community and Free Trade Agreements.
This year’s survey was done in collaboration with Blackbox Research Pte Ltd.
- CNA/am
- wong chee tat :)
McAfee DAT version = 8392 (dec 27th 2016)
McAfee DAT version = 8392 (dec 27th 2016)
Link: here ( Select Yes. And it keeps getting updated daily. Region=US)
- wong chee tat :)
Link: here ( Select Yes. And it keeps getting updated daily. Region=US)
- wong chee tat :)
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