New York Pfizer Inc on Monday said it would buy Botox maker
Allergan Plc in a deal worth $160 billion to slash its U.S. tax bill,
rekindling a fierce political debate over the financial maneuver.
Allergan Plc in a deal worth $160 billion to slash its U.S. tax bill,
rekindling a fierce political debate over the financial maneuver.
The acquisition, which would create the world’s largest drugmaker
and shift Pfizer’s headquarters to Ireland, would also be the biggest-ever
instance of a U.S. company re-incorporating overseas to lower its taxes. U.S.
President Barack Obama has called such inversion deals unpatriotic and has
tried to crack down on the practice.
and shift Pfizer’s headquarters to Ireland, would also be the biggest-ever
instance of a U.S. company re-incorporating overseas to lower its taxes. U.S.
President Barack Obama has called such inversion deals unpatriotic and has
tried to crack down on the practice.
Democratic presidential front-runner Hillary Clinton pledged
to propose measures to prevent such deals. The merger was also slammed by her
rival Senator Bernie Sanders as well as by Republican presidential candidate
Donald Trump.
to propose measures to prevent such deals. The merger was also slammed by her
rival Senator Bernie Sanders as well as by Republican presidential candidate
Donald Trump.
“The fact that Pfizer is leaving our country with a
tremendous loss of jobs is disgusting,” Trump said in a statement. The
numbers of those who would be out of job is yet to be known.
tremendous loss of jobs is disgusting,” Trump said in a statement. The
numbers of those who would be out of job is yet to be known.
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