Medtronic Inc Chief Executive Omar Ishrak defended his company's plan to acquire Dublin-based Covidien Plc in a so-called inversion deal, saying the medical device maker will be able to create more U.S. jobs while still paying substantial taxes once the transaction closes.Medtronic, which announced its $42.9 billion acquisition of Covidien in June, is among a number of U.S. corporations that have unveiled inversion deals in recent months to establish a tax domicile abroad.President Barack Obama has criticized the strategy as a rush by companies to avoid U.S. corporate taxes, and the administration is weighing executive actions.Medtronic has maintained the main rationale for the deal is strategic, combining the two companies' complementary product lines, and will free up cash generated overseas for reinvestment in the United States.
Covidien Public Limited Company is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings. Shares of COV traded higher by 0.34% or $0.3/share to $88.02. In the past year, the shares have traded as low as $59.17 and as high as $92.68. On average, 5740560 shares of COV exchange hands on a given day and today's volume is recorded at 2277465.
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 0.24% or $0.15/share to $63.62. In the past year, the shares have traded as low as $51.22 and as high as $65.50. On average, 8751710 shares of MDT exchange hands on a given day and today's volume is recorded at 4434053.
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