The Traderszone Network

Published in TZ Latest News 15 June, 2014 by The TZ Newswire Staff

Medtronic to buy Covidien for $42.9 billion, rebase in Ireland

The deal will allow Medtronic to reduce its overall global tax burden. The Minneapolis-based company said the move was not driven by tax considerations, pointing instead to medical technology synergies with Covidien. The merger of Medtronic, the world’s largest stand-alone medical device maker, and Covidien, a maker of devices used in surgery, will create a close competitor to the medical device business of Johnson & Johnson Co. The deal values each Covidien share at $93.22, paid for by $35.19 in cash and 0.956 Medtronic shares.