Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
Martin Moylan
St. Paul, Minn.

U.S. cracks down on companies moving overseas

Go Deeper.

Create an account or log in to save stories.

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

The U.S. Treasury Department is taking steps aimed at thwarting so-called tax inversion deals, such as the merger between Medtronic and Ireland-based Covidien.

The typical transaction involves a U.S. company buying a firm based in a foreign tax haven and then moving the combined company's legal headquarters there. The Obama administration has branded such transactions as unpatriotic tax dodges and promised to thwart them.

Treasury Secretary Jacob Lew said the agency's actions will reduce the economic benefit of inversions.

The complex new restrictions will apply to pending mergers, including the marriage of Medtronic and Covidien. Medtronic has argued that the transaction will enable it to put billions of dollars in foreign earnings to work in the U.S.

The company said it is assessing the impact of Treasury's actions.

Medtronic may have to pay Covidien a termination fee of up to $850 million if the transaction is not completed.