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The Boston Globe

Business

Top Covidien executives in line for nearly $80m after buyout

Five top executives of Mansfield-based health care supplies company Covidien PLC stand to pocket a total of nearly $80 million in severance pay if they leave after Covidien is acquired by medical device giant Medtronic Inc., according to a regulatory filing.

Medtronic said Sunday it had struck a deal to buy Covidien for $42.9 billion, in the largest purchase ever in the medical technology sector and the third largest takeover of a Massachusetts company, after Gillette Co. and FleetBoston Financial Corp.

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