UPDATE 4/6/16 8:15 a.m. EST: Pfizer and Allergan call of their pending merger due to new tax rules.
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The U.S. Department of Treasury just issued new rules on tax inversions, raising eyebrows about the future of the $160 billion Pfizer-Allergan merger announced last fall.
The rules are intended to curb "inversions" — the relocation of a corporation's legal residence to a lower-tax nation while retaining material operations in a higher-tax country of origin — after harsh criticism followed the Pfizer-Allergan merger. Pfizer plans to relocate to Ireland, where Allergan is based in Dublin, and hope to execute the deal in its totality in the second half of 2016.
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