Tenet Gets Approval for OrNda Acquisition

Santa Barbara-based Tenet Healthcare Corp. has gotten federal antitrust clearance and shareholder approval for its acquisition of Nashville-based OrNda HealthCorp, the company said. The companies, in an agreement with the Federal Trade Commission, resolved antitrust questions by agreeing to sell the 147-bed French Hospital Medical Center in San Luis Obispo and the hospital’s related outpatient facilities. Without that sale, the FTC said, the acquisition would have damaged competition for hospital services in that part of California, where both chains operate acute-care hospitals. Tenet also said shareholders of both companies “overwhelmingly” approved the transaction. Tenet shares rose 50 cents to close at $25.25 on the New York Stock Exchange. OrNda shares rose 62.5 cents to close at $33.875, also on the NYSE.