Hedge funds stung by mega-deal collapse
But no-go on Pfizer-Allergan merger mitigated by mix of of earlier optimism and reluctance on taking super-size positions
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HEDGE funds which bet on mergers and acquisitions were hurt by the collapse of a US$160 billion tie-up between pharmaceutical companies Pfizer and Allergan - although the effects could have been even worse.
The deal was pulled after the US Treasury drafted new rules to deter companies from moving their headquarters to countries with a more favourable tax regime, so called "tax inversions", echoing the failed merger between Shire and AbbVie in 2014 which hurt many funds.
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