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Abbott Denies Report It's Preparing Bid for St. Jude Medical

  • St. Jude shares retreat after gaining as much as 17 percent
  • FT says Abbott has been working for banks for weeks on offer
Updated on

Abbott Laboratories denied a report that it’s preparing an offer for St. Jude Medical Inc. that would value the maker of heart devices at about $25 billion.

St. Jude shares were up 3.7 percent to $71.88 at 10:07 a.m. in New York, after rising 17 percent in premarket trading following the report in the Financial Times. Abbott shares gained 1.8 percent to $44.77.