Smith & Nephew bidding for US rival


SMITH & Nephew is bidding £217m cash for US rival Oratec, which makes thermal energy devices to treat spine disorders. Oratec's board is backing the bid, and its own cash pile will cut the net cost to £180m.

Smith shares fell 15 1/2p to 403 1/2p. Chief executive Chris O'Donnell expects good growth from the acquisition.