GE-Abbott Deal Falls Through - TheStreet

GE-Abbott Deal Falls Through

The two sides couldn't reach a final agreement on terms of the $8 billion sale.
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General Electric

(GE) - Get Report

and

Abbott

(ABT) - Get Report

tabled an $8 billion agreement for GE to buy Abbott's in-vitro and point-of-care diagnostics business.

The companies said in a short statement late Wednesday that they were unable to reach an agreement on final terms of the deal.

The original agreement, reached in January, called for GE to pay $8.13 billion in cash for the laboratory diagnostics business. Abbott was expected to reap $6 billion in after-tax proceeds from the deal.

Abbott said the cancellation of the deal won't affect its previous EPS guidance for 2007, and its earnings outlook for 2008 remains unchanged.