Pfizer and Allergan Are Said to End Merger as Tax Rules Tighten

April 6, 2016 2:50 AM

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Pfizer and Allergan Are Said to End Merger as Tax Rules Tighten

Previous rule changes by the Treasury Department have killed some proposed inversions, like the drug maker AbbVie’s planned $54 billion takeover of its Irish counterpart Shire. But they had otherwise done little to stem a rising tide of American companies seeking foreign acquisitions to reduce their tax rates.

The rules announced on Monday by the Treasury, however, were seen as much more aggressive and expansive, and they sent shock waves up and down Wall Street.

Also read: Microsoft Closes Acquisition of LinkedIn

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