Deals
Medtronic Is Biggest Yet to Renounce U.S. Tax Citizenship
Medtronic Inc. headquarters in Minneapolis, Minnesota.
Photographer: Craig Lassig/BloombergThis article is for subscribers only.
Medtronic Inc., the globe-spanning medical device maker founded in a Minneapolis garage in 1949, is poised to become the biggest company yet to escape the U.S. tax system by shifting its incorporation abroad.
Medtronic said yesterday it plans to take a legal address in tax-friendly Ireland as part of a $42.9 billion takeover of Covidien Plc. Although Covidien is run from Mansfield, Massachusetts, it’s been incorporated in Ireland since 2009.