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BUZZ-Smith & Nephew: Medtronic-Covidien deal takes a bite off

Reuters - UK Focus

Smith & Nephew (LSE: SN.L - news) the weakest and most active stock on the FTSE 100 after Medtronic (NYSE: MDT - news) , which made headlines in the press in recent weeks as a potential suitor, said it would buy Covidien Plc (NYSE: COV - news) .

** Medtronic to buy Dublin-based Covidien for $42.9 billion.

** Earlier this month Bloomberg reported Medtronic was looking at a takeover of Smith & Nephew.

** Speculation of a deal has swirled for a few months now with Smith & Nephew shares shooting up a third from April 16 to their intra-day life high on Jun 5.

** With M&A fervour fading focus back on stock fundamentals.

** At 20.7 times forward P/E stock trades at its highest multiple since early 2008 and a premium of 59% to its 10-year median valuation. (RM (LSE: RM.L - news) : vikram.subhedar.thomsonreuters.com@reuters.net)