Merger Could Save Medtronic $4.2B In U.S. Taxes

Merger Could Save Medtronic $4.2B In U.S. Taxes
(Fridley, MN) -- Medtronic stands to save three and a half to four-billion dollars it otherwise would send to Uncle Sam in taxes if the merger with Covidien is approved. The Fridley-based medical company plans to move its corporate headquarters to Dublin, which is home to Covidien, due to the lower corporate tax rates in Ireland. Company officials tell the "Minneapolis Star Tribune" that they would reinvest the tax money saved back into the U.S. Medtronic announced plans to purchase Covidien last week for 42-point-nine billion dollars.