BRUSSELS: Medtronic US medical device maker gained European Union regulatory approval for its $43 billion takeover of Covidien Public after agreeing to sell its Irish rival’s drug-coated balloon catheter business.
Medtronic, US authorities cleared the takeover earlier this week with the same condition. The deal will put Medtronic on about the same footing as global leader Johnson & Johnson and take it a step closer to moving to Ireland where it could have access to revenues earn outside the United States without paying taxes on them.
Further the European Commission said the sale of Covidien’s Stellarex business would sooth concerns that the deal would reduce innovation in this area. Covidien clinched a deal to sell Stellarex to Spectranetics on Nov. 3.
