Obama Scores Big Win Against Tax-Dodging Deals
LONDON, Oct 16 (Reuters) – U.S. drugmaker AbbVie has pulled the plug on its plan to buy Dublin-based Shire , recommending shareholders vote against the proposed $55 billion takeover following new U.S. tax rules. Shire stands to be paid a break-up fee of about $1.64 billion, assuming AbbVie’s shareholders follow the advice and reject the transaction. The reversal — which had been anticipated after Chicago-based AbbVie said it was reconsidering the deal — hands a major scalp to the U.S. Treasury, which has been fighting to… Read more…