Saturday 1 October 2016

Pfizer won't speculate on US Treasury's inversion move after agreeing Irish Allergan deal

Lindsay Dunsmuir

Published 05/04/2016 | 08:57

Ian Read, chairman and chief executive officer of Pfizer, left, and Brent Saunders, the president and chief executive officer of Allergan, stand for a photograph in front of Pfizer headquarters in New York yesterday after agreeing to combine in a record $160bn deal. Photo: Michael Nagle/Bloomberg
Ian Read, chairman and chief executive officer of Pfizer, left, and Brent Saunders, the president and chief executive officer of Allergan, stand for a photograph in front of Pfizer headquarters in New York yesterday after agreeing to combine in a record $160bn deal. Photo: Michael Nagle/Bloomberg

Pfizer is conducting a review of the US Treasury Department's latest actions to curb tax-avoiding "inversion" deals in which a US company reincorporates overseas following the purchase of a foreign company.

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"We are conducting a review of the US Department of Treasury's Notice. We won't speculate on any potential impact until the review is completed,"  Pfizer spokeswoman Joan Campion said in an emailed statement.

The Treasury's actions, announced earlier on Monday, is the latest to target such deals. In the largest inversion transaction ever, Dublin-based Allergan has agreed to be bought by New York's Pfizer.

Reuters

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