AstraZeneca shares fall as Obama thwarts tax inversion deals

2nd October 2014

Pfizer pursuit of UK pharmaceutical less likely after president closes loophole allowing takeovers in lower tax regimes

Shares in AstraZeneca and other potential takeover targets for US companies fell after the Obama administration announced measures to thwart tax-driven acquisitions of foreign companies.

AstraZeneca was the subject of an acrimonious takeover approach by Pfizer earlier this year. The US company targeted AstraZeneca partly to move its headquarters to Britain and exploit the UK’s lower corporation tax rate. AstraZeneca rejected Pfizer’s overtures but the US firm kept its options open to make a second approach.

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