If 2015 was a dream year for Wall Street's top dealmakers, 2016 is starting to take a nightmarish turn.
Some of the mega transactions that had champagne corks popping in boardrooms are running into antitrust problems and, in the case of pharmaceutical firm Pfizer Inc's US$160 billion takeover of rival Allergan Plc, political opposition to a deal that envisaged the biggest drug company in the United States moving to Ireland to lower its taxes.
The US Treasury unveiled new rules this week that, while they did not name Pfizer and Allergan, had provisions that targeted a specific feature of their agreement and prompted both parties to walk away from what would have been the second-largest deal of all time.
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Some of the mega transactions that had champagne corks popping in boardrooms are running into antitrust problems and, in the case of pharmaceutical firm Pfizer Inc's US$160 billion takeover of rival Allergan Plc, political opposition to a deal that envisaged the biggest drug company in the United States moving to Ireland to lower its taxes.
The US Treasury unveiled new rules this week that, while they did not name Pfizer and Allergan, had provisions that targeted a specific feature of their agreement and prompted both parties to walk away from what would have been the second-largest deal of all time.
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