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.
