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AbbVie CEO says tax is not primary reason for buying Shire
July 18, 2014 / 1:52 PM / 3 years ago

AbbVie CEO says tax is not primary reason for buying Shire

LONDON (Reuters) - Pharmaceutical firm AbbVie’s (ABBV.N) chairman and chief executive said tax benefits were not the main reason it bought London-listed Shire (SHP.L).

Richard Gonzalez told analysts on a conference call on Friday that tax was “clearly a benefit”, but it was not the primary rationale behind the $55 billion deal, adding that the tie-up had compelling financial and strategic attractions.

AbbVie will cut its tax level to about 13 percent after it re-domiciles in Britain following the deal.

Reporting by Paul Sandle; Editing by Pravin Char

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