Pfizer scraps $160 bln merger with Allergan
New York economy
New York - AFP
US pharmaceutical giant Pfizer said Wednesday it was abandoning plans for a $160 billion merger With Allergan, citing new US rules cracking down on tie ups aimed at saving on taxes.
The deal with the Irish-based firm would have created the world's largest pharmaceutical company.
Pfizer said in a statement the two companies had agreed jointly to scrap the project.
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