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Oct 21 (Reuters) - Medtronic Plc's co-founder Earl Bakken has passed away at the age of 94, the medical device maker said on Sunday.

Bakken, who founded Medtronic with his brother-in-law in 1949, "passed away peacefully" on Sunday at his home in Hawaii, the company said in a statement.

Bakken had retired as chairman of the company in 1989.

(Reporting by Kanishka Singh in Bengaluru; Editing by Sunil Nair)