Billions of dollars were wiped off the value of European healthcare companies yesterday after the Obama administration threatened action to halt the wave of transatlantic acquisitions by American companies seeking to cut their US tax bills.
The sharp fall in several UK, Swiss and Irish companies reflected investor fears that a driving force behind this year’s surge of cross-border dealmaking in the healthcare sector could be brought to a halt by US political intervention.
Shares in Walgreens, the US pharmacy chain, were also hit after it confirmed it would pass up an opportunity to move its tax home to Switzerland, in another sign that the time for so-called tax inversions could be drawing to a close.
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