Pfizer and Allergan scrap US$160b "inversion" deal
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[BENGALURU] US drugmaker Pfizer Inc and Ireland-based Allergan Plc formally announced that they were scrapping their US$160 billion merger, marking a big win for President Barack Obama who has been pushing to curb tax-slashing "inversion" deals.
The announcement followed the unveiling of new US Treasury rules on Monday aimed at curbing such deals. The merger would have allowed New York-based Pfizer to cut its tax bill by redomiciling to Ireland, where tax rates are lower.
A source familiar with the matter told Reuters on Tuesday that the deal would be terminated.
Pfizer said on Wednesday it had agreed to pay Allergan US$150 million for reimbursement of expenses associated with the deal.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Mustafa Centre begins fit-out at JB’s Capital City Mall after 2-year delay
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Aiming at China, Malaysia puts new restrictions on electric cars
Singapore tightens monetary policy for first time since 2022, raises inflation forecasts amid Iran war oil shock
