Nothing is official yet, but The Wall Street Journal reports that federal regulators have privately voiced concerns about Indiana-based Anthem's proposed $48 billion acquisition of Connecticut-based Cigna. 

Just days after California's insurance commissioner urged federal regulators to reject the deal, sources tell the Journal that federal officials are skeptical about whether the two companies would be able to assuage the anti-trust concerns raised by the prospect of a merger between the country's second and fourth largest health insurers. 

If the deal goes through, the new company would displace Minnesota-based UnitedHealthCare as the largest insurance provider in the country, with over 54 million policyholders and over $100 billion in annual revenue. 

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