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Martin Moylan and Bill Catlin
St. Paul, Minn.

Medtronic, Covidien shareholders back merger

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Updated 11:30 a.m. | Posted 10:13 a.m.

Shareholders of Medtronic and Covidien have overwhelmingly approved Medtronic's acquisition of the Ireland-based medical equipment supplier.

If approved by the High Court of Ireland, the deal would make Medtronic an Irish company for tax purposes, although the combined operation would be managed from the Twin Cities. Medtronic expects to get that court approval within the next four or five weeks.

The deal allows Medtronic to invest overseas profits in the U.S. by reducing the company's U.S. tax obligation, CEO Omar Ishrak said Tuesday.

"Through this transaction we are able to afford to bring back $10 billion," he said. "If we didn't do that transaction, we wouldn't be able to do that."

"We look at the rules as they stand today. And it's the best thing to do."

The company promises to add 1,000 jobs to the 8,000 already in Minnesota.