Medtronic, Shandong Weigao in Chinese joint venture

NEW YORK, Dec 17 (Reuters) - U.S. medical device maker Medtronic Inc (MDT.N) and Shandong Weigao Group Medical Polymer (8199.HK) said on Monday that they have created a joint venture to market Medtronic's spinal Products and Weigao's orthopedic products in China.

As part of the venture, Medtronic will acquire a 15 percent equity stake in Weigao for HK$1,726 million ($221 million) and will have the right to nominate two non-executive directors to Weigao's board.

Medtronic will have a 51 percent stake in the joint venture, while Weigao will have a 49 percent stake, the companies said. (Reporting by Emily Chasan; Editing by Ben Tan)