Pfizer, founded in Brooklyn in 1849, stands to save at least $21bn in future tax bills by moving the combined group through its take-over of Dublin-based Allergan to Ireland, joining other brands which have fled overseas through “inversions”, such as Burger King and Liberty Global, John Malone’s cable group, according to a report in a global media.
The third-largest announced deal in history caps a frenzied year of mergers and acquisitions (M&As), bringing the total value of global transactions announced since the start of 2015 to more than $4.2tn and surpassing the previous record set in 2007 on the eve of the financial crisis, the report said.
Meanwhile, Pfizer’s chief executive Ian Read has called on Washington to support its $160bn takeover of Allergan, as politicians including Hillary Clinton lined up against the drugmaker’s attempt to slash its tax bill by moving overseas, according to the report.
The largest deal seen in the sector, which requires US regulators’ approval, drew condemnation from politicians including Mrs Clinton, the frontrunner for the Democratic presidential nomination, it added.
Mr Read countered the criticism against the deal, stating that it would allow the combined group to boost spending on discovering new drugs by accessing cash that had been trapped overseas, the report added. FE
Friday, December 4, 2015
7:30 PM
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