Business Services Industry
Blue Cross Affiliates Announce Healthy Deal.
Knight Ridder/Tribune Business News, October, 2003
By Kim Dixon Reuters, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Oct. 28--CHICAGO--Anthem Inc. on Monday said it would acquire WellPoint Health Networks Inc. for about $14.3 billion, creating a mammoth health insurer that could wield vast negotiating leverage with hospitals, drugmakers and employers.
The stock and cash deal came the same day as the current No. 1 health plan, UnitedHealth Group Inc., announced a bid to acquire Mid Atlantic Medical Services Inc. for roughly $3 billion. WellPoint last month closed a deal to buy smaller rival Cobalt.
HMOs have posted record profits in recent quarters. But because companies cut jobs during the slumping economy, experts say the pool of insured customers has diminished,...
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