A handful of Democrats in Congress are hoping to curb a corporate exodus by threatening to withhold federal contracts from firms that shift their headquarters overseas to benefit from lower tax rates.
The law could be a major hit for Medtronic (NYSE:MDT), which plans to use its $43 billion acquisition of Covidien (NYSE:COV) to relocate its official headquarters from Minnesota to Ireland in a so-called “corporate inversion.” Just last year Medtronic won a $58 million Defense Dept. contract with 6 options to renew.
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