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Medtronic mulls bid for Smith & Nephew: Report

Medtronic office in Toronto.
Brent Lewin | Bloomberg | Getty Images
Medtronic office in Toronto.

One of the world's largest makers of medical devices, Medtronic, is considering a takeover of London-based Smith & Nephew, Bloomberg reported Thursday.

If completed, the deal could allow Medtronic to shift its tax base overseas, people familiar with the events told Bloomberg. Medtronic's moves for a bid are in an early stage and no offer is pending, the people said.

Spokesmen for Medtronic, based in Minneapolis, and Smith & Nephew declined to comment.

Another U.S. medical device company, Stryker, is also considering a bid for Smith & Nephew, Bloomberg said. Last week, in response to a Financial Times report, Stryker's Chief Executive, Kevin Lobo, said the company was in the early stages of evaluating a bid, according to the Bloomberg article.

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