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Pfizer, Allergan Ditch Merger Plan After New US Treasury Rules

Drug makers Pfizer and Allergan are abandoning their merger plan after the U.S. Treasury Department announced new rules seeking to curb corporate inversions used to lower a company's U.S. tax bill. A formal announcement is expected Wednesday. The two firms agreed to the merger last November in what amounted to a $160 billion deal. On paper it would have moved Pfizer to Ireland, like Allergan, where the corporate tax rate is much lower, and brought the combined company...

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