Medtronic Inc. on Tuesday reported earnings of $828 million in its fiscal second quarter. The Minneapolis-based company said it had profit of 83 cents per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were 96 cents per share.
New government rules aimed at curbing overseas deals that cut corporate taxes appear to be working, just not entirely the way regulators intended. Minneapolis-based medical device maker Medtronic Inc., reacted to regulations announced last month by saying it will borrow money to pay for part of its nearly $43 billion acquisition of Ireland-based competitor Covidien Plc instead of using cash from Medtronic’s foreign subsidiaries. Medtronic still expects to close its deal later this year or early next year.
Medical device maker Medtronic is switching to $16 billion in financing to complete its purchase of Ireland-based competitor Covidien a few weeks after federal regulators issued rules designed to curb overseas acquisitions that cut tax U.S. tax bills.
A tough new ad from Democratic Sen. Al Franken accuses his Republican opponent’s business of avoiding taxes by headquartering overseas. But Republican Mike McFadden calls the ad “ridiculous” and “full of lies.” The ad marks a new Franken campaign strategy: directly attack McFadden for his business dealings.
Years before Burger King sized up a Canadian headquarters in a hunt for lower taxes, Republican U.S. Senate candidate Mike McFadden’s investment firm was involved in a merger that moved an American pharmaceutical company to Ireland and significantly dropped its tax rate. McFadden’s Minnesota-based firm made more than $11 million, according to public filings.
U.S. medical device maker Medtronic is building stronger ties to Europe, a couple months after announcing a nearly $43 billion acquisition that involves moving its main executive offices across the Atlantic, where it can get a better tax deal.
Burger King’s stock jumped 21 percent Monday on the news the company is in talks to merge with Canadian-based Tim Horton’s. The move is called tax inversion, a change in the location of its headquarters that would let the fast-food company pay fewer taxes in the U.S.
News last week that Medtronic is buying an Irish firm and moving its headquarters to that country is prompting debate here in Minnesota and across the country. Medtronic says it needs to make the move so that millions of dollars of overseas profits can be taxed at a lower rate. That has members of Congress asking if it’s time to either change the tax code or make it harder for companies to make this kind of a move.
Minnesota-based Medtronic shocked the business world on Sunday. The giant medical device maker is buying a similar company in Ireland for $43 million. The reason? Hundreds of millions of dollars in tax savings.
Big changes are coming to Twin Cities-based Medtronic, which has released more details about an upcoming merger with Irish-based medical device manufacturer Covidien. On Sunday night, the Twin Cities based company announced plans to buy Covidien for $42.9 billion.
U.S. medical device manufacturer Medtronic says it has agreed to buy Ireland-based competitor Covidien for $42.9 billion in cash and stock, a 29 percent premium on Covidien’s stock price. The combined company would have its executive offices in Dublin, where it could benefit from Ireland’s lower corporate tax rates.
Medical device manufacturer Medtronic Inc. and French drugmaker Sanofi have joined in a project to develop new combinations of drugs and devices for diabetes care. The two major companies announced Saturday the “global strategic alliance,” which they said was aimed at improving experience and results for people with diabetes around the world.
Medical device maker Medtronic Inc. will pay the U.S. Department of Justice $9.9 million to settle a lawsuit that accused the company of giving doctors gifts in return for using its defibrillators and pacemakers.
Gustavus Adolphus College has named its next president, and for the first time in the school’s 152-year history, that president is a woman. Rebecca Bergman will be Gustavus’ 17th president when she takes over on July 1.
The University of Minnesota is recruiting students for a new master’s program in medical device innovation. The program is under the Technological Leadership Institute, part of the university’s College of Science and Engineering.