Anthem: Cigna helped kill $49B merger by dragging feet

Cigna cut Anthem "off at the knees" in its effort to assuage antitrust concerns over a proposed $48.9 billion merger, Anthem's general counsel said during trial, according to Bloomberg.

Anthem's top lawyer, Thomas Zielinski, told a judge Feb. 25 that Cigna officials intentionally dragged their feet on the merger. Among several accusations, he said that Cigna refused to consider spinning off some of its assets that would have helped the transaction gain regulatory approval.

In addition, Mr. Zielinski said once Cigna CEO David Cordani found out he wouldn't get the role he wanted within the new company, Cigna stopped cooperating and did not hand over data Anthem needed to present efficiencies of the merger to Justice Department officials.

A trial over whether Anthem or Cigna owes the other billions after the botched merger attempt began Feb. 25. While Cigna argues it's owed more than $16 billion as the injured party, Anthem claims it's owed $20 billion because Cigna sabotaged the deal.

For the full Bloomberg report, click here.

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