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Medtronic Chairman and Chief Executive Omar Ishrak speaks at the Reuters Health Summit in New York May 7, 2013. CREDIT: REUTERS/BRENDAN MCDERMID

Medtronic to buy Covidien for $42.9 billion, rebase in Ireland

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U.S. medical device maker Medtronic said on Sunday it had agreed to buy Covidien for $42.9 billion in cash and stock and move its executive base to Ireland in the latest transaction aiming for lower corporate tax rates abroad.

While the deal will allow Medtronic to reduce its overall global tax burden, the Minneapolis-based company said it was driven by a complementary strategy with Covidien on medical technology rather than tax considerations

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