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New tax rules prompt Pfizer, Allergan to call off mega-merger

The largest proposed inversion in history was expected to save the company about US$35 billion in taxes

Pfizer's abandonment of the deal is likely to send a chill through the boardrooms of other firms considering an inversion.


DUBLIN-BASED Botox-maker Allergan announced early on Wednesday it would abandon its mega-merger with US pharmaceutical giant Pfizer after new government regulations made the tax advantage of the cross-Atlantic deal more difficult to achieve.

The move is a huge victory

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