New US Treasury rules led to scrapping $160b Pfizer-Allergan merger

New US Treasury rules led to scrapping $160b Pfizer-Allergan merger

A company logo is seen through branches at a Pfizer office in Dublin, Ireland November 24, 2015. REUTERS/Cathal McNaughton

U.S. drugmaker Pfizer Inc and Ireland-based Allergan Plc walked away from their $160 billion merger on Wednesday, a major win for President Barack Obama, who has been pushing to curb deals in which companies move overseas to save on taxes.

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