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Medtronic looking at Smith & Nephew takeover - Bloomberg

Reuters - UK Focus

June 4 (Reuters) - Medical device maker Medtronic Inc (NYSE: MDT - news) is looking at a takeover of London-based Smith & Nephew (LSE: SN.L - news) PLC, a move that could help lower its taxes by moving its base overseas, Bloomberg reported on Wednesday.

Last week Stryker Corp was reported by the Financial Times to have been making a bid for Smith & Nephew, which also makes medical equipment. Stryker (Berlin: SYK.BE - news) denied the report.

On Wednesday, Smith & Nephew shares rose 3.3 percent to close at 1,064 pence in London. It had a market capitalization of 9.5 billion pounds, or $15.91 billion, at the market close.

Medtronic declined to comment. Its shares were up 4 percent, or $2.44, at $63.53 at mid-afternoon in New York (Frankfurt: HX6.F - news) . (Reporting by Caroline Humer; Editing by Richard Chang)