U.S. medical device maker Medtronic gained European Union regulatory approval on Friday for its $43 billion takeover of Covidien Plc after agreeing to sell its Irish rival's drug-coated balloon catheter business. The deal will put Medtronic on about the same footing as global leader Johnson & Johnson and take it a step closer to moving to Ireland where it could have access to revenues earned outside the United States without paying taxes on them.The European Commission said the sale of Covidien's Stellarex business would sooth concerns that the deal would reduce innovation in this area. Covidien clinched a deal to sell Stellarex to Spectranetics on Nov. 3.U.S. authorities cleared the takeover earlier this week with the same condition.
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 1.23% or $1.22/share to $100.54. In the past year, the shares have traded as low as $65.49 and as high as $100.60. On average, 4850220 shares of COV exchange hands on a given day and today's volume is recorded at 2304202.
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 0.48% or $0.51/share to $107.21. In the past year, the shares have traded as low as $86.09 and as high as $109.49. On average, 7681490 shares of JNJ exchange hands on a given day and today's volume is recorded at 5505757.
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