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Abbott sees Alere as challenging fixer upper after revised deal


Abbott Laboratories said it was looking to close the recently revised deal to buy Alere Inc in the coming months, calling the diagnostics company "a bit of a fixer-upper". Abbott, which reported first-quarter sales and profit ahead of analysts' estimates on Wednesday, first revealed an agreement to buy Alere in February 2016. But the deal ran into trouble as issues related to Alere's accounting and sales practices came to light. However, last week, Abbott agreed to the takeover at a price of around $5.30 billion down from $5.80 billion, ending the prolonged legal tussle. Alere has had some challenges and closing the deal is going to be a bit unpredictable, because Alere still needs to file its annual report and Abbott is required to divest some businesses for regulatory approvals, Abbott CFO Brian Yoor said on a post-earnings conference call. The Alere deal is now expected to close in the third quarter, and will help Abbott expand in point-of-care diagnostic testing, a market that is rapidly growing as physicians increasingly adopt tests that speed up treatment.

Abbott has been considerably active on the M&A front. Last year, it agreed sell its medical optics division to Johnson & Johnson for $4.3 billion, and closed its $25 billion acquisition of St. Jude Medical this January. The company's first-quarter net sales rose 3.2 percent on an operational basis to $6.34 billion, above the average analyst estimate of $6.15 billion, according to Thomson Reuters I/B/E/S.

While sales in its diagnostics, medical devices and branded generic pharmaceuticals divisions grew in the quarter ended March 31, Abbott's nutrition business continued to suffer. Global nutrition sales dipped 1 percent on an operational basis, hurt mainly by continued challenges in the Chinese infant formula market. New food safety regulations in China require manufacturers to re-register baby formulas with the government.

OPEC, non-OPEC to meet on same day as group's May gathering-sources LONDON OPEC plans to meet with non-OPEC oil producers on the same day as its scheduled May 25 conference, sources familiar with the arrangements said, as they decide whether to extend supply cuts into the second half of the year.

Change of fortune in bond trading boosts Morgan Stanley profit Morgan Stanley surprised Wall Street on Wednesday by producing a 74 percent jump in quarterly profit on the strength of a business that analysts and investors had for years written off as dead.

India reserve money up 6 pct yy in week to april 5


´╗┐MUMBAI, April 12 India's reserve money grew an annual 6 percent in the week to April 5, slower than 9.8 percent in the same period a year earlier, the Reserve Bank of India said on Friday.

Currency in circulation grew 11.2 percent year-on-year in the week to April 5, compared with 11.6 percent a year earlier.

Kuwait finance house ceo steps down sources


´╗┐KUWAIT, April 24 The chief executive of Kuwait Finance House, the Gulf state's largest Islamic lender, has stepped down, two company sources said on Thursday. Mohammed al-Omar's resignation as CEO is linked to wider management changes at KFH, one of the sources said.

Comment could not immediately be obtained from KFH.