Medtronic Profit Meets Expectations; Covidien Deal on Track

Tuesday, November 18, 2014

Source: Reuters

Medtronic Inc posted a quarterly profit that was in line with analyst expectations, helped by sales of new heart devices, and said its $42.9 billion (27 billion pound) purchase of hospital products maker Covidien Plc remains on track to close early next year.

Changes in U.S. tax rules aimed at curbing a spate of so-called tax inversion acquisitions have caused investors to question whether the deal would proceed after companies such as drugmaker AbbVie Inc and Irish competitor Shire Plc dropped plans to merge.

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