J&J divests guidewires In Canada
This article was originally published in The Gray Sheet
Executive Summary
Johnson & Johnson/Cordis will sell its steerable guidewire business in Canada in response to concerns raised by the Canadian Competition Bureau (CCB) in its review of the company's proposed $24 bil. acquisition of Guidant, J&J announced Sept. 2. CCB is not formally requiring J&J to divest the business as a condition of approving the merger, but said that it is concerned the merger will make the steerable guidewire market uncompetitive and that it will continue to monitor the markets affected by the merger for three years, as provided under Canada's Competition Act. The firm was also asked to divest certain European businesses as a condition of EC approval of the acquisition. The U.S. Federal Trade Commission's decision is expected in October (1"The Gray Sheet" Aug. 29, 2005, p. 13)...