(Reuters) - Heart device maker St. Jude Medical Inc STJ.N said it has no plans to jump on the consolidation bandwagon that has swept the healthcare sector in recent months and is not seeking the type of “inversion” deal increasingly popular among U.S. companies seeking to lower taxes by re-basing abroad.
In the most recent such deal in the medical device sector, Medtronic Inc MDT.N last month agreed to buy Covidien COV.N for $43 billion. The move will allow Medtronic to re-domicile to Ireland to take advantage of low corporate tax rates and to access cash overseas without having to pay high repatriation costs.
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