“Pfizer Abandons $160bn Allergan Deal”

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After the US announced plans to crack down on “inversion deals,” where a US company merges with a foreign company to escape taxes, Pfizer has rescinded plans to merge with the Irish company Allergan. On Tuesday, US President Barack Obama weighed in on the inversion trend, saying “these companies get all the rewards of being an American company without fulfilling their responsibility to pay their fair share of taxes”.

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