President Barack Obama took time in this weeks’ regular address to criticize the wave of “corporate inversions,” in which companies, such as Medtronic (NYSE:MDT), are using outside-U.S. acquisitions to shift their headquarters overseas.
Inversions, a perfectly legal maneuver, allow companies to adopt an acquired target’s overseas base as the new headquarters, thus landing the buyer in a more favorable tax environment, especially for taxes earned overseas. A spate of companies have announced inversions in recent months, sparking a flurry of condemners and defenders.
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