Smith & Nephew sees more sector deals, not under investor pressure (Reuters)
CEO sees continuing tax-driven inversion deals in sector
Low-cost hips and knees to address 5-10 pct of U.S. market
Q2 revenue $1.15 billion vs consensus $1.14 billion
Trading profit $255 million vs consensus $250 million (Updates and recasts with further share price gains)
Smith & Nephew (S&N), Europe's largest maker of artificial joints, expects continued deal-making in the medical technology sector but has not come under pressure from investors to sell out, its chief executive said on Friday.
Olivier Bohuon, who has eschewed a wave of mergers sweeping the industry, said S&N had a bright future as a standalone group after reporting improved second-quarter results that came in just ahead of analyst expectations.
The British company is no stranger to bid talk, having been touted as a target, on and off, ever since receiving an approach from Unilever in 1968.
But the deal rumours have lately grown louder, with a wave of U.S. healthcare companies now striving to move their tax bases abroad in a tactic known as "inversion".
Reports that Stryker was considering such a move on S&N in May s...
