Word: guidant
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...become obsessed with corporate nuptials. Merger mania is back, executives are cashing out and, if history is any guide, investors should be running for cover. A couple of months ago, Kmart and Sears got engaged. Then Nextel and Sprint announced their $35 billion wedding. Johnson & Johnson is buying Guidant, a maker of medical devices, for $24 billion. Two of the splashiest deals came last week: SBC, the Baby Bell based in San Antonio, Texas, looked poised to swallow its former parent, AT&T, in a deal that could top $15 billion. Then Procter & Gamble said it would acquire Gillette...
...over, "an exact specification is not possible." If Schröder can't find a better line than that, he may end up in the doghouse. Holiday Hookups A rash of late-year megamergers struck the U.S., including health-care firm Johnson & Johnson's $25.4 billion takeover of Guidant; the long-awaited $10.3 billion Oracle-PeopleSoft marriage; phone provider Sprint's $35 billion merger with Nextel; and the uniting of software companies Symantec and Veritas in an all-stock deal worth around $12.5 billion...
...1990s about its new business selling stents, the tiny devices used to prop open clogged arteries. With a virtual monopoly of the billion-dollar business, J&J alienated many of its cardiologist customers by charging high prices and failing to develop a new generation of product. When competitors like Guidant and Boston Scientific came out with their own stents, customers were eager to abandon J&J (which has admitted being slow to innovate but denies that its pricing was at fault). Says Sydney Finkelstein, a professor at Dartmouth's Tuck business school and author of Why Smart Executives Fail: "They...
...earnings rise 22.5%, to nearly $2 billion, in the past fiscal year, and that's great news for the company's new president and chief operating officer, William Hawkins, 50. Hawkins, an avid Duke University basketball fan, knows his competition; he has also worked for Eli Lilly, Guidant and Johnson & Johnson. The challenge for the biomedical engineer and former head of Medtronic's vascular business will be to keep the company hitting nothing but net. Next up on Hawkins' game plan: overseeing the launch of its first drug-coated cardiac stent in Europe later this year...
...Guidant has major operations in the U.S., Europe and Japan, but markets its products in almost 100 countries...