Pfizer/Allergan merger plan set to blow apart due to new US tax rules

6 April 2016

The planned $160 billion mega-merger of US pharma giant Pfizer (NYSE: PFE) and Ireland-domiciled Allergan (NYSE: AGN) will be called off, with an official announcement expected to be released today, according to a report from Reuters, citing people close to the situation.

The decision follows new tax inversion legislation which was introduced late Monday.

Allergan’s shares fell as much as 29.1% in after-hours trading.

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