Smith & Nephew merger talks with J&J orthopaedics unit collapse over CEO role, FT reports

Oct 23 (Reuters) Smith Nephew s talks with Johnson Johnson to combine with the US group’s orthopaedics division fell apart after the London-listed ​group refused to agree to its ‌former CEO leading the merged business, the Financial Times reported on Friday, citing people familiar with the matter. Talks about a merger between Smith Nephew and the J J unit were ‌at ​an advanced stage, with both ⁠companies aligned on ⁠the main financial terms and structure of a transaction, but collapsed at the last minute after disagreement over who would run the enlarged company, the report ​said. Smith Nephew s former CEO Namal Nawana left in 2019 after 18 months in the role ⁠because the UK medical devices ⁠company could not meet his pay ​demands, the FT report said. Smith Nephew refused the deal, ​saying it would only agree if its ‌own boss Deepak Nath remained CEO, the report added. A Smith Nephew spokesperson declined to comment on the report. J J could not be immediately reached ⁠out