Sector News

Medtronic seeks EU approval for $43 billion Covidien deal

October 14, 2014
Life sciences
(Reuters) – U.S. medical equipment maker Medtronic (MDT.N) has asked European Union antitrust regulators to approve its proposed $43 billion (26.73 billion pounds) purchase of Irish peer Covidien Plc (COV.N), the European Commission said on Monday.
 
The acquisition, which will put Medtronic on about the same footing as industry leader Johnson & Johnson (JNJ.N), will reduce its overall global tax burden.
 
Medtronic however said it is not an inversion deal where U.S. companies acquire foreign rivals to move their tax domicile abroad, but rather a move to boost its medical technology strategy.
 
The EU competition authority has set a Nov. 14 deadline for its decision. It can either clear the deal unconditionally or ask for concessions to allay possible antitrust concerns or open an in-depth investigation.
 
Analysts said the disparate businesses of the two companies should not trigger any significant regulatory worries.
 
(Reporting by Foo Yun Chee; editing by Susan Thomas)

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