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IPO delayed again

Monday, July 1, 2002 | 9:53 a.m.

NEW YORK -- Merck & Co. today delayed the initial public offering of its Medco Health Solutions Inc. unit until next week, the second delay in less than a week for the health company.

Medco's $1 billion sale, initially scheduled for Thursday last week, is now slated for some time next week, said people familiar with the offering. Medco also delayed a $1 billion bond offering.

The delay of the IPO and the price reduction underscore the difficulties companies face in raising money as stocks slump. In the first six months of 2002, companies have raised less than $36 billion globally in the IPO market, half the amount they sold last year in the same period.

Tyco International Ltd., however, plans to proceed today with a $5 billion stock sale of its CIT Group Inc.

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