Allergan, Pfizer call off proposed $160B merger

FILE - A Jan. 25, 2009 file photo, shows Pfizer's world headquarters in New York. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) – Allergan and Pfizer are calling off a record $160 billion merger after the Treasury issued new rules to make “tax inversions” less lucrative.

The aggressive changes to U.S. tax laws announced this week helped to kill the deal. The merger would have moved Pfizer’s address – but not its operations or headquarters – to Ireland where it would pay far less in corporate taxes.

Pfizer Inc., based in New York, has agreed to pay Allergan PLC $150 million for reimbursement of expenses.

Keep checking NBC4i.com for real-time updates on this story. To get alerts for breaking news, grab the free NBC4 News App for iPhone or Android. You can also sign up for email alerts.

What others are clicking on:

NBC4i.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s