The collapse of Pfizer’s $160bn merger with Allergan yesterday brought the total value of abandoned deals this year to its highest since the eve of the financial crisis and sent shockwaves through corporate America.
The decision to terminate the largest tax inversion deal in history marked a watershed victory for an interventionist Washington and left the US drugmaker scrambling to re-evaluate its strategy.
The abrupt end of Pfizer’s turbulent three-year hunt for a deal to escape the US tax authorities came as government intervention left a second big deal in doubt. The US Department of Justice sued to block Halliburton’s proposed $25bn takeover of rival oil-services group Baker Hughes. Halliburton is contesting the suit.
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