Report: Medtronic in talks to combine with Irish rival Covidien
The Wall Street Journal reports Fridley-based medical device maker Medtronic is in advanced talks to combine with rival Covidien.
The newspaper's report says the deal is valued at more than $40 billion, according to unnamed sources, and could be announced Monday.
• Wall Street Journal: Medtronic, Covidien in advanced talks to combine
The Journal reports the deal would be structured as a "tax inversion," in which a company in one country buys a company in another country -- one with lower corporate tax rates -- in order to lower the combined companies' overall rate. Covidien is based in Ireland, which has a relatively low tax rate.
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