U.S. Seeks More Information on Medtronic's Covidien Deal - (The Wall Street Journal via NewsPoints Desk)

  • The US Federal Trade Commission is seeking more information regarding Medtronic's deal to buy Covidien, which includes plans for an inversion that would reduce the merged company's tax burden, The Wall Street Journal reported.
  • The Federal Trade Commission issued a second request for additional information and documentary material Wednesday, according to a Medtronic filing.
  • Medtronic said that it and Covidien intend to cooperate fully with regulators, and they continue to expect the deal to close in the fourth quarter this year or early next year.
  • Under the $42.9 billion deal, Minneapolis-based Medtronic would reincorporate in Covidien's home of Ireland, where the tax load is lighter on businesses than it is in the US.

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