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Story summary
- Smith & Nephew ended merger talks with Johnson & Johnson over leadership.
- The parties had agreed on main financial terms, including a $34 billion valuation.
- Smith & Nephew wanted CEO Deepak Nath to lead, while J&J preferred former CEO Namal Nawana.
- J&J shareholders would have owned 50.1% of the new company.
- The $34 billion deal would have added $10 billion Smith & Nephew debt, over three times its $3.02 billion net debt.