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BRUSSELS (Reuters) - U.S. medical equipment maker Medtronic (N:MDT) has asked European Union antitrust regulators to approve its proposed $43 billion (26.73 billion pounds) purchase of Irish peer Covidien Plc (N:COV), the European Commission said on Monday.
The acquisition, which will put Medtronic on about the same footing as industry leader Johnson & Johnson (N:JNJ), will reduce its overall global tax burden.
Medtronic however said it is not an inversion deal where U.S. companies acquire foreign rivals to move their tax domicile abroad, but rather a move to boost its medical technology strategy.
The EU competition authority has set a Nov. 14 deadline for its decision. It can either clear the deal unconditionally or ask for concessions to allay possible antitrust concerns or open an in-depth investigation.
Analysts said the disparate businesses of the two companies should not trigger any significant regulatory worries.
(Reporting by Foo Yun Chee; editing by Susan Thomas)