AstraZeneca, Shire Fall; U.S. Treasury Examines Inversion Limits
2014-08-06 13:29:53.381 GMT
By Gaurav Panchal
Aug. 6 (Bloomberg) -- AstraZeneca, which saw a failed
takeover bid from Pfizer in May, trades as much as 4.7% lower,
most since May 19, while AbbVie takeover target Shire trades as
much as 6.7% lower, leading decliners in SXDP index.
* Yday after European market close, report U.S. Treasury
examining inversion limits without Congress action
* Shire trading ~13% below AbbVie’s cash, stock offer based on
yday close for AbbVie
* July 18: AbbVie had said expected deal to to reduce
effective tax rate to ~13% by 2016; deal includes
various break fee payment events
* NOTE: Washington Backlash on Tax Inversion-Driven M&A Comes
to Fore: Bloomberg Intelligence
* Earlier: Biggest U.S. drugstore chain Walgreen said it plans
to pay about $15.3b for part of Alliance Boots it doesn’t
already own, and won’t use the deal to move its tax address
abroad
* NOTE: Stoxx 600 trades 1.5% lower; SXDP down 2.4%, most
since April, sector 2nd biggest faller in Europe
For Related News and Information:
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To contact the reporter on this story:
Gaurav Panchal in London at +44-20-7392-0511 or
gpanchal2@bloomberg.net
Andrew Rummer
2014-08-06 13:29:53.381 GMT
By Gaurav Panchal
Aug. 6 (Bloomberg) -- AstraZeneca, which saw a failed
takeover bid from Pfizer in May, trades as much as 4.7% lower,
most since May 19, while AbbVie takeover target Shire trades as
much as 6.7% lower, leading decliners in SXDP index.
* Yday after European market close, report U.S. Treasury
examining inversion limits without Congress action
* Shire trading ~13% below AbbVie’s cash, stock offer based on
yday close for AbbVie
* July 18: AbbVie had said expected deal to to reduce
effective tax rate to ~13% by 2016; deal includes
various break fee payment events
* NOTE: Washington Backlash on Tax Inversion-Driven M&A Comes
to Fore: Bloomberg Intelligence
* Earlier: Biggest U.S. drugstore chain Walgreen said it plans
to pay about $15.3b for part of Alliance Boots it doesn’t
already own, and won’t use the deal to move its tax address
abroad
* NOTE: Stoxx 600 trades 1.5% lower; SXDP down 2.4%, most
since April, sector 2nd biggest faller in Europe
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Gaurav Panchal in London at +44-20-7392-0511 or
gpanchal2@bloomberg.net
Andrew Rummer