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California insurance official defends ruling blocking Anthem-WellPoint merger.
The Indianapolis Star Knight Ridder/Tribune Business News
Jul. 27--BOSTON -- California Insurance Commissioner John Garamendi firmly defended his decision to reject the merger of Anthem Inc. and Wellpoint Health Networks, calling it "a major rip-off for policyholders."
But investors were more worried about the $16.4 billion combination's prospects and sold off shares of both health insurance giants in heavy trading Monday.
More details may emerge today on how officials of Indianapolis-based Anthem plan to maneuver around Friday's rejection. Anthem reports its second-quarter earnings, and company officials are likely to face a flurry of questions regarding the stalled deal from Wall Street analysts.
On Monday, Garamendi said the only thing that could change his mind is if Anthem Chief Executive Larry …
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