BRUSSELS -- Medtronic has asked European Union antitrust regulators to approve its proposed $43 billion purchase of Irish peer Covidien Plc, the European Commission said on Monday.
The acquisition, which will put Medtronic on about the same footing as industry leader Johnson & Johnson, will reduce its overall global tax burden.
However, Fridley-based Medtronic said it is not an inversion deal where U.S. companies acquire foreign rivals to move their tax domicile abroad, but rather a move to boost its medical technology strategy.
The EU competition authority has set a Nov. 14 deadline for its decision. It can either clear the deal unconditionally or ask for concessions to allay possible antitrust concerns or open an in-depth investigation.
Analysts said the disparate businesses of the two companies should not trigger any significant regulatory worries.
