據(jù)一位消息人士本周二透露，由于美國(guó)財(cái)政部出臺(tái)了旨在遏制相關(guān)避稅交易的新政,，美國(guó)輝瑞制藥公司（Pfizer）目前已傾向于放棄以1600億美元收購(gòu)艾爾健公司（Allergan,，總部位于愛(ài)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(xù)就如何應(yīng)對(duì)財(cái)政部新政進(jìn)行討論,，但目前仍未達(dá)成任何最終決定。

輝瑞原本計(jì)劃在與艾爾健合并后,，將新的公司總部遷至愛(ài)爾蘭,。目前輝瑞公司不愿意就交易條款進(jìn)行更改，然而根據(jù)美國(guó)財(cái)政部的稅收新政,，輝瑞在并購(gòu)后即使“遷都”至愛(ài)爾蘭,，也無(wú)法享受到稅收上的優(yōu)惠。

輝瑞和艾爾建都拒絕對(duì)此事發(fā)表評(píng)論,。

本周一,，美國(guó)財(cái)政部出臺(tái)了一系列新政，禁止企業(yè)出于少繳稅的目的,，通過(guò)與一家較小的公司進(jìn)行合并遷址至海外低稅負(fù)國(guó)家,，而將核心業(yè)務(wù)與管理層繼續(xù)留在美國(guó)運(yùn)營(yíng)的的“稅負(fù)倒置”行為。

輝瑞公司擔(dān)心,，奧巴馬政府可能會(huì)為了阻止一筆交易而再次改變游戲規(guī)則,。

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

他指出：“輝瑞已經(jīng)意識(shí)到，財(cái)政部將會(huì)繼續(xù)否決它可能提出的任何解決方案,?！?/p>

擺在此次收購(gòu)案面前的一個(gè)主要障礙是,，美國(guó)財(cái)政部決定,，對(duì)收購(gòu)美國(guó)資產(chǎn)的外國(guó)公司施加為期三年的限制，以免相關(guān)外資通過(guò)收購(gòu)美資,，來(lái)規(guī)避日后進(jìn)行稅負(fù)倒置的所有權(quán)門(mén)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(gòu)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(gòu)森林實(shí)驗(yàn)室（Forest Laboratories）,，以及以50億美元收購(gòu)華納奇考特公司（Actavis Plc）——以上這幾筆交易在計(jì)算艾爾健公司的體量時(shí)都不會(huì)被計(jì)算在內(nèi),，因而艾爾健也就無(wú)法通過(guò)這筆收購(gòu)案的“所有權(quán)門(mén)檻”。

該消息人士還表示,，財(cái)政部的新政在此時(shí)出臺(tái),，對(duì)于輝瑞來(lái)說(shuō)相當(dāng)意外，因?yàn)檩x瑞對(duì)此次斥資1600億美元收購(gòu)艾爾健信心十足,。他表示,，輝瑞公司的管理層原本以為，財(cái)政部會(huì)在去年年底出臺(tái)針對(duì)稅負(fù)倒置的政策,，當(dāng)時(shí)兩家公司還在想方設(shè)法規(guī)避現(xiàn)有法規(guī),。

不過(guò)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(guó)出于聯(lián)邦稅收目的,，對(duì)法律進(jìn)行了不利于此次收購(gòu)案的修改，導(dǎo)致合并后的公司被視為一家美國(guó)國(guó)內(nèi)的公司,，那么雙方中的任何一方都有權(quán)終止交易,。

根據(jù)雙方的并購(gòu)合同，在此情況下,，提出終止合同的一方將向?qū)Ψ街Ц?億美元的費(fèi)用,。

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

該消息人士指出，晏瑞德堅(jiān)信,，輝瑞與艾爾健的并購(gòu)案是符合行業(yè)邏輯的,，合并后的公司也能夠?qū)崿F(xiàn)節(jié)省稅負(fù)的目標(biāo)。但美國(guó)財(cái)政部的新政已經(jīng)令他萌生了退意,，他也不愿意與美國(guó)有關(guān)當(dāng)局打一場(chǎng)官司,。（財(cái)富中文網(wǎng)）

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.