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Bond Market News
CVS Exploring Separation of Its Business Units
October 2, 2024
CVS Health is considering several options which may include breaking up the company to separate its retail and insurance units in response to pressure from investors. Investors, including Glenview Capital, are advocating for changes to improve operations, raising concerns about CVS’s performance and outlook. The company is having discussions about a potential split with its financial advisers and the board of directors, but no final decisions have been made, according to the sources. Company is also discussing whether to organize the pharmacy benefits manager unit under retail or insurance, if it were to proceed with a separation. This potential move would reverse CVS’s $70bn acquisition of Aetna in 2017.
CVS’s 5.4% 2029s traded stable at 103.7, yielding 4.49%
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