Deals
AbbVie Sued by Pension Fund Over $54.5 Billion Shire Deal
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AbbVie Inc.’s $54.5 billion purchase of Shire Plc to move its legal address abroad and lower its taxes could trigger significant capital-gains liability for shareholders, a Louisiana pension fund said.
The Shire acquisition is the largest of a recent wave of tax-inversion buyouts. AbbVie should be barred from holding a shareholder vote on the takeover until it addresses problems with the deal, including a coercive $545 million termination fee, the Plumbers & Steamfitters Local 60 Pension Plan said today in a Delaware Chancery Court suit.