Medical device maker Medtronic Inc is looking at a takeover of London-based Smith & Nephew PLC, a move that could help lower its taxes by moving its base overseas, Bloomberg reported on Wednesday. Last week Stryker Corp was reported by the Financial Times to have been making a bid for Smith & Nephew, which also makes medical equipment. Stryker denied the report.On Wednesday, Smith & Nephew shares rose 3.3 percent to close at 1,064 pence in London. It had a market capitalization of 9.5 billion pounds, or $15.91 billion, at the market close.Medtronic declined to comment. Its shares were up 4 percent, or $2.44, at $63.53 at mid-afternoon in New York.
Medtronic, Inc. (Medtronic) is engaged in medical technology - alleviating pain, restoring health, and extending life for millions of people worldwide. Shares of MDT traded higher by 3.67% or $2.24/share to $63.25. In the past year, the shares have traded as low as $50.60 and as high as $62.90. On average, 4232090 shares of MDT exchange hands on a given day and today's volume is recorded at 7485699.
Smith & Nephew plc is a global medical devices business operating in the markets for orthopaedic reconstruction and trauma, endoscopy (which includes arthroscopic procedures referred to as sports medicine) and advanced wound management. Shares of SNN traded higher by 10.45% or $9.065/share to $95.84. In the past year, the shares have traded as low as $55.22 and as high as $88.46. On average, 139747 shares of SNN exchange hands on a given day and today's volume is recorded at 881500.
Stryker Corporation (Stryker) is a medical technology company. Shares of SYK fell by 0.09% or $-0.08/share to $85.38. In the past year, the shares have traded as low as $63.71 and as high as $85.76. On average, 1591550 shares of SYK exchange hands on a given day and today's volume is recorded at 1617746.
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