(Bloomberg) -- A breakup of Anthem's $48 billion bid for Cigna, under scrutiny by U.S. antitrust regulators, could spark new deals for smaller health plans in a continued wave of industry consolidation.

Smaller insurers could become targets for Cigna, including WellCare Health Plans, Centene, and Molina Healthcare.

Anthem, meanwhile, may chase after assets that might be sold by industry rivals Aetna and Humana as they seek approval for their $35 billion tie-up.

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