Guidant accepts $24.2bn takeover
Guidant Corporation, the American maker of medical devices, has accepted a $24.2 billion (£13.6 billion) takeover offer from Johnson & Johnson, ignoring a higher bid from Boston Scientific. It was the third time that J&J has had to improve on its offer of $71 a share. The Guidant board took the view that a bid from Boston was more likely to run into difficulties with the competition authorities.
Port protest
Ports across Europe face disruption today as thousands of dock workers stage a rally in Strasbourg against EU proposals to open up port services to free competition. However, the European Parliament is tipped to vote down the liberalisation plan in a vote scheduled for Wednesday.
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FSA setback
The Financial Services Authority faces a setback in its efforts to ease its regulatory burden on the City amid opposition to its key proposals for a more liberal regime. City trade bodies have joined in attacking FSA plans to scrap its system for examining and approving people working in wholesale financial markets.
Anglo ‘changes’
Anglo American, the mining group, was unavailable to comment on reports that it had appointed UBS to examine splitting the group by selling or demerging Mondi, its packaging business. It was also reported that Anglo may seek to sell its 51 per cent stake in Anglo Gold.