With the relatively small market cap and dominant global market share, a JNJ might find BDX attractive. BUT, a takeover is always unlikely and you have to have conviction in the management and fundamentals to want to accumulate shares.
This is a great company trading at a cheap price. I recall that Buffett bought some towards the end of 2011 - and he mentioned about a week ago that he was looking for a large acquisition. He doesn't have much exposure in health care and considering that in a very simple way that BDX is akin to Gillette - with regards to the razor and razor blade business model. Thoughts ?