Follow The Money

CVS makes more than $66 billion bid for Aetna

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http://www.reuters.com/article/us-aetna-m-a-cvs-health/cvs-makes-more-than-66-billion-bid-for-aetna-source-idUSKBN1CV3CM

A deal would merge one of the nation’s largest pharmacy benefits managers and pharmacy operators with one of its oldest health insurers, whose far-reaching business ranges from employer healthcare to government plans nationwide.

Aetna shares rose more than 11 percent, or $18.48, to $178.60, while CVS shares fell 3 percent, or $2.22, to $73.31.

Healthcare consolidation has been a popular route for insurers and pharmacies, under pressure from the government and large corporations to lower soaring costs. But both have been turned down by antitrust regulators in the past year.

Aetna and CVS declined to comment.

CVS made the offer earlier this month, although the two companies have been in discussions about a potential deal for at least two months, the source said. There is no certainty that an agreement will be reached, the source added.

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“Healthcare consolidation has been a popular route for insurers and pharmacies, under pressure from the government and large corporations to lower soaring costs. But both have been turned down by antitrust regulators in the past year.”

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