Hedge Funds Burned in Shire Double Down on Covidien Deal

Bloomberg – 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 (COV), 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.

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