Pfizer and Allergan said on Wednesday that they have terminated their $152 billion merger by mutual agreement just days after the Obama administration introduced new rules meant to limit the ability of American companies to shift their home overseas simply to lower their tax bills.
The deal, announced in November, would have been the largest transaction of its kind, a so-called inversion that would allow an American company to shed its United States corporate citizenship in order to move income beyond the reach of United States tax authorities. Allergan has its tax domicile in...
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