Deals
Hedge Funds Hurt by Shire-AbbVie Turn to Medtronic-Covidien
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Hedge funds bruised by wrong-way bets on AbbVie Inc.’s failed merger with Shire Plc are showing few signs the trauma was permanent.
At least three firms that speculated on the doomed $52 billion drug industry takeover -- Paulson & Co., Taconic Capital Advisors LP and Pentwater Capital Management LP -- have reported stakes tied to Medtronic Inc.’s offer for Covidien Plc, according to filings with the Irish Takeover Panel. Medtronic in Minneapolis offered to buy the Dublin-headquartered device maker for more than $42 billion in June.