Appeals court upholds decision to block Anthem bid for Cigna
April 28, 2017
WASHINGTON (AP) — A federal appeals court on Friday left in place a decision blocking Blue Cross-Blue Shield insurer Anthem's bid to buy rival Cigna, saying that a bigger company is not better for consumers.
The 2-1 decision upholds a federal judge's ruling in February that said the proposed $48 billion acquisition would further reduce competition in the already concentrated health insurance market.
Anthem argued the combination would save $2.4 billion in medical costs and lead to lower consumer premiums. But the Justice Department said Anthem had no real plan to reach those savings. The...