Medical device maker Medtronic Inc (MDT.N) is looking at a takeover of London-based Smith & Nephew PLC (SN.L), a move that could help lower its taxes by moving its base overseas, Bloomberg reported on Wednesday.
Last week Stryker Corp (SYK.N) was reported by the Financial Times to have been making a bid for Smith & Nephew, which also makes medical equipment. Stryker 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.