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Abbott Labs closes its acquisition of St. Jude Medical stat : twincities

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daily : 2017-01-06 & on time : 7:36

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Abbott completes St. Jude Medical acquisition – Twin Cities

Abbott completes St. Jude Medical acquisition – Twin Cities

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Abbott Laboratories on Wednesday announced closure of its $25 billion acquisition of St. Jude Medical.St. Jude Medical, based in Little Canada, will become a wholly-owned subsidiary of Abbott and its shares will stop trading on on the New York Stock Exchange.Related Articles Sears sells Craftsman tool brand, announces store closingsMacy’s closing landmark downtown Minneapolis storeBetter Business Bureau gives troubled local MyPillow a failing gradeHow a Shoreview aerospace researcher is making life easier for grandparentsSummit Brewing sues former employees, alleging secrets leaked to competitorThe combined company will offer devices in nearly every area of cardiovascular care, competing directly with industry leaders Medtronic PLC and Boston Scientific, both of which also have substantial Twin Cities operations.

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Abbott (ABT) Completes Acquisition of St. Jude Medical (STJ)

Abbott (ABT) Completes Acquisition of St. Jude Medical (STJ)

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Abbott (NYSE: ABT) announced today it has completed the acquisition of St. Jude Medical, Inc., (NYSE: STJ) establishing the company as a leader in the medical device arena.The transaction provides Abbott with expanded opportunities for future growth and is an important part of the company’s ongoing effort to develop a strong, diverse portfolio of devices, diagnostics, nutritionals and branded generic pharmaceuticals.”Abbott has a strong track record of successfully integrating dozens of businesses on a global scale and accelerating growth,” said Miles D. White, chairman and chief executive officer, Abbott.

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Abbott Labs closes its acquisition of St. Jude Medical

Abbott Labs closes its acquisition of St. Jude Medical

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Abbott Laboratories released no new details Wednesday about integration timelines and personnel changes in Minnesota as it completed its long-planned acquisition of Little Canada-based medical device company St. Jude Medical.The cash-and-stock acquisition of St. Jude was valued at $25 billion, plus assumption of more than $5 billion in debt, when it was announced in April.Since then the value of Abbott’s stock has fallen, meaning St. Jude investors will get roughly $81 per share based on Wednesday’s closing price, down from $85 per share originally projected.

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