Some of the names on the move ahead of the open.» Read More
Sept 23- Moody's Investors Service said it may review the credit implications for pending tax-inversion deals in the healthcare and pharmaceutical sector if U.S. Affected companies include Medtronic Inc, Mylan Inc, Salix Pharmaceuticals, Auxilium Pharmaceuticals and AbbVie Inc..
*Action may deter Pfizer from returning to bid for AstraZeneca. WASHINGTON/ NEW YORK, Sept 23- Tough new U.S. rules on corporate "inversions" on Tuesday sent a chill through the market for the tax-avoidance deals, both pending and potential, with share prices falling sharply in nearly a dozen companies on both sides of the Atlantic.
Some of Tuesday's midday movers:
*May deter Pfizer from returning to bid for AstraZeneca. LONDON, Sept 23- Shares in drugmakers AstraZeneca and Shire fell sharply on Tuesday after the U.S. The move could jeopardize an agreed deal for AbbVie to buy Shire for $55 billion and deter Pfizer from making another attempt to acquire AstraZeneca, after a $118 billion takeover attempt failed in May.
Shares in drugmakers AstraZeneca and Shire both fell more than 5 percent after the U.S. Treasury took steps to curb "inversion" deals.
*May deter Pfizer from returning to bid for AstraZeneca. LONDON, Sept 23- Shares in drugmakers AstraZeneca and Shire both fell more than 5 percent on Tuesday after the U.S.
Medtronic's plan to reimburse execs and directors for $63 million in excise taxes from a tax inversion draws heat from shareholders.
Senators Sherrod Brown and Dick Durbin on Friday released details of a bill that would require foreign earnings that have not been repatriated, or brought into the United States, to be taxed as income at the point when a U.S. company inverts.
NEW YORK, Sept 16- Some of the top 20 investors at Salix Pharmaceuticals Ltd are threatening to vote down a proposed deal to buy a unit of Cosmo Pharmaceuticals SpA, and are pressing Salix to consider selling itself instead, people familiar with the matter said on Tuesday.
WASHINGTON, Sept 16- The U.S. Senate's top Democratic tax-writer said on Tuesday he is considering linking legislation to curb foreign corporate buyout deals known as inversions with separate efforts to renew expired tax breaks that businesses want extended.
TORONTO, Sept 16- McDonald's Corp is making its McCafe ground coffee available in Canadian grocery stores this month, the fast-food giant said on Tuesday, part of its broader campaign to win market share in a country long dominated by rivals like Tim Hortons Inc and Starbucks Corp..
TORONTO, Sept 15- Canadian coffee and doughnut chain Tim Hortons Inc on Monday reported strong same-store sales growth in both the United States and Canada for the third quarter to date.
TORONTO, Sept 15- Canadian coffee and doughnut chain Tim Hortons Inc on Monday reported strong quarterly same-store sales growth in both the United States and Canada.
WASHINGTON, Sept 12- Corporations should be on notice that government action is coming on "inversion" deals done by U.S. businesses that reincorporate abroad to cut their tax bills, said the top Democratic tax-writer in the House of Representatives on Friday.
Buffett wanted to know what lawmakers might propose on inversions, Sen. Orrin Hatch says.
Senator Orrin Hatch, the top Republican on the tax-writing Finance Committee, said billionaire investor Warren Buffett called him recently to find out what Congress might do about companies that move abroad for tax purposes.
NEW YORK, Sept 11- U.S. specialty drugmaker Akorn Inc is exploring a bid for Belgian drugmaker UCB SA's U.S. subsidiary, a deal that would allow the company to move its tax domicile overseas in a practice known as inversion, according to people familiar with the matter.
WASHINGTON, Sept 8- The No. 3 U.S. Senate Democrat has circulated a draft proposal to crack down on U.S. companies that invert, or merge with foreign competitors to get lower tax rates, and it would apply to deals as far back as 1994..
Public pension funds have major stakes in American firms moving overseas to cut their tax bills. But they are saying little about the strategy.
LONDON, Sept. 2- Burger King may have taken a lot of flack in the past week for a deal that should curb its U.S. tax bill but in many ways it is consistent with the burger chain's aggressive tax-reduction strategies in recent years. They say it will allow Burger King to avoid paying some U.S. taxes.