據一位消息人士本周二透露，由于美國財政部出臺了旨在遏制相關避稅交易的新政，美國輝瑞制藥公司（Pfizer）目前已傾向于放棄以1600億美元收購艾爾健公司（Allergan，總部位于愛爾蘭的都柏林）的合同。

這位要求匿名的消息人士表示，本周二，兩家公司及雙方律師仍在繼續就如何應對財政部新政進行討論，但目前仍未達成任何最終決定。

輝瑞原本計劃在與艾爾健合并后，將新的公司總部遷至愛爾蘭。目前輝瑞公司不愿意就交易條款進行更改，然而根據美國財政部的稅收新政，輝瑞在并購后即使“遷都”至愛爾蘭，也無法享受到稅收上的優惠。

輝瑞和艾爾建都拒絕對此事發表評論。

本周一，美國財政部出臺了一系列新政，禁止企業出于少繳稅的目的，通過與一家較小的公司進行合并遷址至海外低稅負國家，而將核心業務與管理層繼續留在美國運營的的“稅負倒置”行為。

輝瑞公司擔心，奧巴馬政府可能會為了阻止一筆交易而再次改變游戲規則。

這名消息人士表示，輝瑞公司的律師已經為兩家公司提出了變通方案來挽救這筆稅負倒置案，但雙方對該變通方案都不熱衷。

他指出：“輝瑞已經意識到，財政部將會繼續否決它可能提出的任何解決方案。”

擺在此次收購案面前的一個主要障礙是，美國財政部決定，對收購美國資產的外國公司施加為期三年的限制，以免相關外資通過收購美資，來規避日后進行稅負倒置的所有權門檻。

這也就意味著艾爾健公司最近的幾筆交易——包括以660億美元并購艾爾健Plc公司（Allergan Plc）和阿特維斯Plc公司（Actavis Plc），以250億美元收購森林實驗室（Forest Laboratories），以及以50億美元收購華納奇考特公司（Actavis Plc）——以上這幾筆交易在計算艾爾健公司的體量時都不會被計算在內，因而艾爾健也就無法通過這筆收購案的“所有權門檻”。

該消息人士還表示，財政部的新政在此時出臺，對于輝瑞來說相當意外，因為輝瑞對此次斥資1600億美元收購艾爾健信心十足。他表示，輝瑞公司的管理層原本以為，財政部會在去年年底出臺針對稅負倒置的政策，當時兩家公司還在想方設法規避現有法規。

不過該消息人士還表示，輝瑞和艾爾建一直都有一套退出策略。雙方都同意，如果美國出于聯邦稅收目的，對法律進行了不利于此次收購案的修改，導致合并后的公司被視為一家美國國內的公司，那么雙方中的任何一方都有權終止交易。

根據雙方的并購合同，在此情況下，提出終止合同的一方將向對方支付4億美元的費用。

輝瑞公司首席執行官晏瑞德（Ian Read）自從2014年放棄了收購英國制藥商阿斯利康（AstraZeneca）以來，就一直在孜孜不倦地尋找另一個并購伙伴，以將公司注冊地遷至歐洲。

該消息人士指出，晏瑞德堅信，輝瑞與艾爾健的并購案是符合行業邏輯的，合并后的公司也能夠實現節省稅負的目標。但美國財政部的新政已經令他萌生了退意，他也不愿意與美國有關當局打一場官司。（財富中文網）

譯者：樸成奎

Drugmaker Pfizer is leaning towards abandoning its $160 billion agreement to buy Allergan in light of the U.S. Treasury’s new measures to curb such tax evading deals, a source familiar with the situation said on Tuesday.

The discussions between the two companies and their lawyers are set to continue for the remainder of Tuesday and no final decision has been made, the source said, speaking on condition of anonymity.

However, Pfizer is not willing to change the terms of its deal with Allergan which, under the new tax rules, would no longer benefit from the move to Ireland, the source said.

Pfizer and Allergan declined to comment.

The U.S. Treasury Department took new steps on Monday to curb tax-driven corporate inversions whereby companies seek to slash their tax bills by redomiciling overseas, though their core operations and management usually remain in the United States even as they claim a new tax home.

Pfizer is concerned U.S. President Barack Obama’s administration could change the rules again to thwart a deal.

The source said the company’s lawyers have presented alternative ways for the two companies to salvage the inversion but there was little appetite for it.

“Pfizer is aware that the Treasury will keep ruling against any solution it can come up with,” he said.

One of the main hurdles to the deal was Treasury’s decision impose a three-year limit on foreign companies bulking up on U.S. assets to avoid ownership limits for a later inversion deal.

This means Allergan’s latest deals — which include the $66 billion merger of Allergan Plc and Actavis Plc, the $25 billion purchase of Forest Laboratories and the $5 billion takeover of Warner Chilcott – will not be counted and the business will fail to meet the ownership math for the deal.

The source said the new rules came as a surprise as Pfizer was confident of delivering on its $160 billion proposed merger with Allergan. He said the management was rather expecting the Treasury to rule against inversions towards the end of last year when the two companies were looking at ways to bypass the existing law.

Pfizer and Allergan have always had an exit strategy in place, the source said. The two drugmakers agreed that either party may terminate the deal if an adverse change in U.S. law would cause the combined company to be treated as a U.S. domestic corporation for federal income tax purposes.

The terminating party would have to pay the other company up to $400 million for its expenses, according to the merger agreement.

Pfizer’s Chief Executive Ian Read has tirelessly worked to find a merger partner and redomicile the business in Europe since dropping a takeover bid for British drugmaker AstraZeneca in 2014.

The source said Read firmly believes in the industrial logic of a deal with Allergan and the tax savings that the combined entity would achieve, but he has been put off by the Treasury’s latest measures and is unwilling to fight a legal battle with the U.S. authorities.