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Jack Lew
AbbVie reconsiders Shire purchase, cites tax inversion crackdown
AbbVie reconsiders Shire purchase, cites tax inversion crackdown

New tax provisions designed to discourage U.S. companies from moving their headquarters to overseas tax havens may be having an effect. Drug maker AbbVie Inc. said Wednesday that it is reconsidering its planned purchase of European rival Shire and relocation to a British isle tax haven in its effort to minimize what it pays in U.S. corporate taxes. The $52-billion pharmaceutical deal could be the first major casualty of a crackdown by the Obama administration on so-called tax inversions, in which an American company buys a smaller rival in a lower-tax nation and moves its headquarters there. The maneuver has become more common as companies decry the lack of congressional action to...

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