Share Name Share Symbol Market Type
Aetna W/I NYSE:AET* NYSE Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  +$0.00 - - - - - - -

CVS to Keep Aetna in Hartford, Conn. -- 2nd Update

12/01/2018 10:07pm

Dow Jones News


Aetna W/I (NYSE:AET*)
Historical Stock Chart

1 Month : From Dec 2017 to Jan 2018

Click Here for more Aetna W/I Charts.
By Joseph De Avila 

CVS Health Corp. has decided to keep Aetna Inc. in Hartford, Conn., reversing the insurer's plan announced last year to move its corporate headquarters to New York City.

"We have no plans to relocate Aetna's operations from Hartford," CVS spokesman David Palombi said, adding that the company had met with Connecticut Gov. Dannel Malloy and Hartford Mayor Luke Bronin on Thursday.

The planned move was put on hold after CVS's December announcement that it would buy Aetna for $69 billion. Aetna said at the time the merger was announced that all of its locations would be evaluated as part of its integration with CVS.

Once the merger is complete, Hartford will be considered the "corporate hub" for the insurance business, rather than Aetna's headquarters, Mr. Palombi said. CVS will maintain its corporate headquarters in Rhode Island.

The reversal is a win for Connecticut, which has lost other corporate residents in recent years and has been struggling with budget shortfalls and declining population. The city of Hartford is in its own financial straits, relying on state aid to balance its budget.

"I'm thrilled that CVS has confirmed that Aetna will continue to call Hartford home," Mr. Malloy said.

At the time that Aetna announced its decision to leave Hartford, where it has been based since 1853, the insurer said it chose to move to New York to tap a more robust pool of talent as it sought to reposition itself as a consumer-oriented health company.

Earlier this week, New York City said it was shelving a $9.6 million incentive package offered to Aetna. The insurer had planned to move into a 170,000-square-foot Chelsea building developed by Vornado Realty Trust and Aurora Capital Associates.

An Aetna spokesman said Friday that the company is still reviewing which locations it will keep, and whether it will open some sort of office in New York.

Write to Joseph De Avila at joseph.deavila@wsj.com

 

(END) Dow Jones Newswires

January 12, 2018 16:52 ET (21:52 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

1 Year Aetna W/I Chart

1 Year Aetna W/I Chart

1 Month Aetna W/I Chart

1 Month Aetna W/I Chart
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:40 V:gb D:20180120 17:17:44