Pfizer and Allergan call off their $160 billion merger after U.S. move to block inversions

April 6, 2016 11:23 AM

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Pfizer and Allergan call off their $160 billion merger after U.S. move to block inversions

The Dublin-based Botox-maker Allergan announced early Wednesday it would abandon its mega-merger with U.S. phamaceutical 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 for the Obama administration in its campaign against inversions, in which U.S.-based companies buy or merge with a smaller foreign firm and move their headquarters overseas in order to lower their tax bill. The Treasury Department released new regulations Monday to stem th...

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