European Commission Clears Covidien-Medtronic Deal

(RTTNews) - The European Commission announced it has cleared the proposed acquisition of Covidien (COV), an Ireland-based manufacturer of medical devices with worldwide activities, by Medtronic (MDT), a US-based company active in medical technologies and therapies. The Commission noted that its decision is conditional upon the divestment of Covidien's Stellarex, a drug coated balloon currently in development, which, once launched, would compete with Medtronic's leading drug coated balloon device In.Pact.

The transaction was notified to the Commission on 10 October 2014. The Commission concluded that, in light of the proposed commitments, the transaction would no longer raise competition concerns.