Medtronic announced that the Chinese Ministry of Commerce has cleared its proposed acquisition of Covidien, according to a MarketWatch report.
Here are four things to know about the progression of the proposed acquisition:
1. The proposed acquisition has also been cleared by the South Korean Fair Trade Commission, the report noted.
2. Additionally, the Federal Trade Commission cleared Medtronic to merge with Covidien on Nov. 26, and The European Union's European Commission approved the acquisition on Nov. 28.
3. Medtronic has also raised $17 billion in a bond sale, which it intends to use to finance the $43 billion acquisition. The sale attracted $45 billion in orders.
4. The transaction is expected to close in early 2015, after approvals by both companies' shareholders and sanction by the High Court of Ireland.
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