U.S. medical device maker Medtronic Inc has offered concessions in a bid to secure European Union regulatory approval for its $43 billion acquisition of Irish rival Covidien Plc, the European Commission said. The takeover will put Medtronic on about the same footing as global leader Johnson & Johnson and reduce its overall global tax burden, although it has said the takeover is not an "inversion" deal for tax reasons.Medtronic submitted concessions last Friday, the EU antitrust authority said. The Commission, which did not provide details in line with its policy, will decide by Nov. 28 whether to clear the deal.Last month, Covidien said it would sell its vascular therapies product line and technology in order to win U.S. approval for the deal.Medtronic, which makes heart devices, spinal implants, insulin pumps and other products, expects to close the deal in early 2015.
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 1.69% or $1.56/share to $93.64. In the past year, the shares have traded as low as $63.65 and as high as $95.29. On average, 4828390 shares of COV exchange hands on a given day and today's volume is recorded at 3528409.
Johnson & Johnson is a holding company engaged in the research and development, manufacture and sale of a broad range of products in the health care field. Shares of JNJ traded higher by 0.57% or $0.62/share to $108.82. In the past year, the shares have traded as low as $86.09 and as high as $109.32. On average, 7461240 shares of JNJ exchange hands on a given day and today's volume is recorded at 7573288.
Medtronic, Inc. (Medtronic) is a medical technology company. Shares of MDT traded higher by 0.9% or $0.61/share to $68.71. In the past year, the shares have traded as low as $53.33 and as high as $69.10. On average, 8673130 shares of MDT exchange hands on a given day and today's volume is recorded at 5932872.
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