Medtronic Seals $42 Billion Covidien Deal – and Moves to Ireland

Medtronic Seals $42 Billion Covidien Deal – and Moves to Ireland

US medical device manufacturer Medtronic, based in Minneapolis, has agreed a deal to buy Covidien PLC for $42 billion. Covidien moved its HQ to the Republic of Ireland in 2009 due to beneficial tax rates and now Medtronic will also be listed in Ireland, although operations are likely to remain in Minneapolis. Although the company says the deal is all about shared values and reaching more patients, it further highlights the issue of US companies seeking lower tax burdens abroad. Ireland is a popular choice due to its location and corporate tax rates almost a third of those in the US and 9 per cent lower than its UK neighbor. Read the full story.