In the midst of breakup woes that include a court fight, the failed merger between Cigna and Anthem apparently weighed heavily on the mind of Cigna’s CEO, David Cordani, before it even fell apart. According to Bloomberg, Cordani privately expressed regret he had agreed to the deal that would have left him in a reduced role.
Had the merger gone through, Anthem CEO Joseph Swedish would have led the combined company, Bloomberg reported.
The potential deal, which was worth approximately $50 billion, ended in 2017. It would have created the nation’s largest health insurance provider. The two companies are still dealing with the fallout; Cigna and Anthem have both launched lawsuits against each other to cover the bills of the merger exploration, including a $1.85 billion fee.
Anthem has accused Cordani of sabotaging the deal, while Cigna has blamed Anthem managers for obstacles in the antitrust process. Reportedly, Cordani said his “soul was still unsettled” by the deal as the merger exploration was underway, Bloomberg reported.
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