Posted on 08/21/2014 7:19:14 AM PDT by TurboZamboni
Medtronic Inc. said Tuesday that it is "fully committed" to completing its deal to buy Covidien PLC, which has come under scrutiny over a controversial tax tactic that has drawn criticism from U.S. government officials.
The Fridley-based company also posted fiscal first-quarter results that exceeded analysts' expectations as the medical-devices maker reaped strong revenue from its U.S. operations.
"Our growth was broad-based across businesses and geographies," chairman and chief executive Omar Ishrak said in a news release. "I was especially pleased that our innovation pipeline is delivering strong results, particularly in the U.S., which had its highest revenue growth performance in five years."
The report comes as U.S. regulators look into deals such as Medtronic's $42.9 billion agreement to buy Covidien and the plan's inclusion of a tactic called inversion that would lighten the company's tax burden. Under the agreement, Medtronic would leave the U.S. and reincorporate in Ireland, where Covidien is based.
(Excerpt) Read more at twincities.com ...
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