Potential Guidant Merger Could Be Blow for City
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(Indianapolis-December 8, 2004) - As the City of Indianapolis tries to build an image as a center for the life sciences, one of its premiere biotechnology companies could be leaving.
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Boston Scientific Corp. , the state's largest life-science company, lost $3.6 billion last year thanks to its expensive acquisition of heart-device maker Guidant Corp. , and executives said yesterday they weren't certain when sales of its most important products would begin to recover from their slump.
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Johnson & Johnson is in advanced negotiations to acquire Guidant, one of the nation's largest makers of devices to treat heart illnesses, for more than $24 billion.
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The recent woes of Citigroup  have encouraged some investment bankers to talk up the chances that the biggest U.S. bank might feel pressure to buy a major U.S. rival, with Wells Fargo & Co.  and even Goldman Sachs Group  touted as potential merger partners.
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Johnson &amp; Johnson said late last night it will acquire Guidant for $23.9 billion, a move that will give the big drug maker a bigger share of the explosive market for heart devices.
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Credit Suisse First Boston maintained &quot;neutral&quot; ratings on Guidant (nyse: GDT - news - people ) and Johnson &amp; Johnson (nyse: JNJ - news - people ), saying a near-term acquisition of the former by the latter values Guidant at $76.
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Executives told The New York Times the two companies may be set to merge.
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It has been a long and tortured courtship. For years, health-care giant Johnson &amp; Johnson (JNJ ) has held on-again, off-again acquisition talks with medical-device maker Guidant (GDT ). Now Wall Street sources say the companies are talking again.
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Even as the ink dries on Johnson &amp; Johnson&#39;s agreement to buy Guidant Corp. for $25.4 billion, it remains on the hunt for other companies that could bolster
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By Hannah Mitchell, The Charlotte Observer, N.C.  Sep. 15--HICKORY -- City Council members may have come up with a compromise to protect homes from business encroachment without stifling development.
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The chairman's rent calls into question his ability to build a great company.
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NEW YORKâS rush to build an Olympic stadium has provoked a clash between the cityâs billionaire mayor and a multimillionaire cable television tycoon that has thrown the Big Appleâs bid for the 2012 Games into jeopardy.
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NEW YORK McCann Erickson&#39;s loss of most of its Johnson & Johnson business last week is a significant blow to parent Interpublic Group--and the erosion may not be over. Interpublic&#39;s J&J losses could also spell big gains for WPP and Omnicom.
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INDIANAPOLIS -- Johnson &amp; Johnson has sealed a deal to buy medical device maker Guidant for $25.4 billion. Under the terms of the agreement, each Guidant share will be exchanged for $30.40 in cash and $45.60 in Johnson &amp; Johnson stock.
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Mayor Anthony Williams (website - news - bio) says the city has returned to a bad habit of not honoring its commitments. He says he made the agreement with the council and baseball to cut this deal.
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Health care and consumer products maker Johnson & Johnson  on Sunday was close to finalizing details of a &#36;24 billion cash and stock acquisition of medical-device maker Guidant Corp. , according to people familiar with the matter.
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Union unrest may cut into the supermarket chain's growth plans.