Democratic presidential front-runner Hillary Clinton tweeted that she’s “glad to hear” U.S. drug company Pfizer terminated a planned $160 billion merger that would have moved its residence to Ireland for tax purposes.
Pfizer announced Wednesday it had called off its proposed merger with Irish-based Allergan after the Treasury Department announced new actions Monday to curb tax inversions. The transactions involve U.S. companies reincorporating overseas after merging with a foreign firm.
{mosads}The former secretary of State has criticized inversions during her campaign. Clinton has put forward proposals to stop inversions that includes an “exit tax” on the untaxed offshore earnings of U.S. companies that carry out the manuever.
Clinton’s opponent for the Democratic nomination, Sen. Bernie Sanders (I-Vt.), has also been a vocal critic of inversions and also hailed Treasury’s actions.