Senior Correspondent, London
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Sep 24, 2014
Sep 23, 2014

Shares of ‘inversion’ candidates slide on U.S. tax rule

LONDON/NEW YORK (Reuters) – The U.S. Treasury’s move to curb deals that allow U.S. companies to escape high taxes at home wiped a combined $12.3 billion off the shares of nearly a dozen companies on both sides of the Atlantic on Tuesday, as investors reacted to the surprisingly far-reaching action.

But it was unclear whether the tougher stance adopted by the Obama administration on “inversion” deals that allow companies to escape high U.S. taxes by reincorporating abroad, which followed a wave of public criticism, would end any of the handful of deals currently in the works.

Sep 23, 2014

AstraZeneca, Shire fall as U.S. tax move punctures deal hopes

LONDON (Reuters) – Shares in drugmakers AstraZeneca (AZN.L: Quote, Profile, Research, Stock Buzz) and Shire (SHP.L: Quote, Profile, Research, Stock Buzz) both fell more than 5 percent on Tuesday after the U.S. Treasury took steps to curb “inversion” deals that allow companies to escape high U.S. taxes by reincorporating abroad.

The move could jeopardize an agreed deal for AbbVie (ABBV.N: Quote, Profile, Research, Stock Buzz) to buy Shire for $55 billion and deter Pfizer (PFE.N: Quote, Profile, Research, Stock Buzz) from making another attempt to acquire AstraZeneca, after a $118 billion takeover attempt failed in May.

Sep 23, 2014
Sep 23, 2014
Sep 22, 2014
Sep 22, 2014

After China, GlaxoSmithKline faces pressure for change

LONDON (Reuters) – GlaxoSmithKline may have closed one chapter in a saga of corruption allegations by accepting a $489 million fine in China, but the drugmaker has its work cut out to win back skeptical investors.

That means continued pressure on Chief Executive Andrew Witty, seen not so long ago as one of the sector’s star managers, who is under fire for allowing the erosion of GSK’s all-important U.S. business just as much as for the woes in China.

Sep 22, 2014
Sep 22, 2014
Sep 19, 2014
    • About Ben

      "Ben Hirschler is European pharmaceuticals, biotechnology and healthcare correspondent, based in London. Previously, he was in charge of British company news and before that was posted to Johannesburg, covering the economic challenges facing post-apartheid South Africa."
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