AbbVie sours on $55B Shire deal after tax changes

SHARE AbbVie sours on $55B Shire deal after tax changes

AbbVie’s board is telling shareholders vote against its own $55 billion takeover bid for the Irish drugmaker Shire after the U.S. made reincorporating overseas a less lucrative tax maneuver.

The company, based in North Chicago, Illinois, said late Wednesday that changes led by the U.S. Treasury Department introduced an “unacceptable level of uncertainty” and eliminated some of the financial benefits.

If Abbvie does walk away, it would be the biggest deal yet that has collapsed after a public backlash and changes in U.S. tax policy.

Read more at Sun-Times Newsfeed.

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