Treasury Secretary Jacob Lew told the Urban Institute yesterday that "in the very near future" he will decide on steps President Obama can take to curb tax inversion deals without congressional action.
The Medtronic-Covidien integration team must be working overtime juggling not only existing products but also those in the deal pipeline. The pair hasn't slowed down at all--between them they have disclosed 5 acquisitions since their own merger announcement in mid-June, three of them this week alone.
Covidien today announced the acquisition of privately held Reverse Medical, a provider of vascular devices, for an undisclosed sum.
Corporate tax inversions, including Medtronic's planned shift to Ireland following its purchase of Covidien, are causing a backlash among some shareholders stuck with a big tax bill becaues of capital gains taxes associated with the deal.
The FDA approved Covidien's fixes to the manufacturing process of its recalled Pipeline Embolization Device and Alligator Retrieval Device for treating brain aneurysms.
Covidien and Medtronic announced more than 45 people will join a newly created team to tackle integration issues during their merger.
Speculation is building that Minneapolis-based Medtronic will modify its offer for Dublin-based Covidien.
Medtronic quietly hired former Sens. John Breaux (D-LA) and Trent Lott (R-MS) and three others as lobbyists to combat anti-inversion legislation as political anger over the tax saving method mounts, threatening the planned company's planned merger with Covidien.
As the regulatory climate for corporate tax inversions reaches a boiling point, Medtronic is facing heightened government scrutiny for its pending merger with Covidien.
With the acquisition of surgical technology company Visualase, Medtronic is further bolstering one of its own fastest growing segments--as well as a large and fast growing group for Covidien. Medtronic expects to complete its $42.9 billion acquisition of Covidien by early 2015.