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艾伯维550亿美元收购Shire交易泡汤??

来源:生物谷 2014-09-29 18:13

2014年9月29日讯 /生物谷BIOON/ --鉴于美国财政部推出的税法新规,艾伯维(AbbVie)可能需要额外的资金来完成对英国制药商夏尔(Shire)的收购。此前,艾伯维与Shire已于今年7月达成550亿美元收购协议。该笔收购,源于美国制药公司积极寻求收购海外竞争对手,以便在一定程度上降低税率。

Shire于1986年在英国成立,但大部分业务在美国,该公司因税务目的于2008年迁册(domicile,公司更改注册地址)至爱尔兰。在全球范围内,爱尔兰的有效企业所得税税率最低。凭借爱尔兰的税基政策,以及中等规模的市值,Shire一直被视为美国制药巨头的主要收购目标。

目前,艾伯维正在寻找资金来源,为收购Shire筹集资金,这一行动受迫于美国财政部于今年9月22日公布的打击避税的新规定。这些新规已对参与税收倒置交易的美国制药公司设置了各种障碍。

此次新规,主要针对的是在美国的“假外企”——不少企业通过并购和转移的方式摇身成为外企,可以获得不少税收优惠。这些企业只是将注册地转移到海外,基本的公司管理和股权结构都没有发生变化,即所谓的“税收倒置”。美国总统奥巴马对财政部的新举措表示支持,并谴责了那些钻法律漏洞的企业。

在税收倒置交易中,美国公司收购海外小公司并将公司总部迁册海外,从而受益于较低的企业税。奥巴马政府一直在寻找方法来遏制税收倒置交易,而美国财政部发布的新规,将降低与税收倒置交易相关的经济利益,并关闭美国公司一直利用的法律漏洞。

美国财政部在新规中规定,如果一家公司改组成为海外企业,但原有股东所持股份占新企业的80%以上,那么这个改头换面的新企业依然被视为美国企业。美国财政部的这一规定,使一些正在发生的跨国并购意外中招,艾伯维收购Shire交易自然也不例外。

艾伯维需要额外资金

根据艾伯维新的融资计划,由于美国新发布的税收规则对离岸现金的新限制,艾伯维将通过债务融资方式,额外募集一笔70亿美元的资金。不过,彭博社报道称,艾伯维发言人在一份电子邮件中表示,关于公司募集额外资金计划的谣言不是真的。而另一方面,Shire也拒绝发表评论。

关于艾伯维-Shire交易的猜测

美国税法新规公布后,截至目前,艾伯维尚未表态是否继续收购Shire或直接走开。目前,艾伯维尚未透露如何推进收购计划。但据消息人士透露,艾伯维正在研究所增加借贷成本及其对公司信用评级的影响。消息人士还强调,艾伯维仍致力于推进与Shire 550亿美元的收购交易。

如果艾伯维从该笔交易走开,将面临16亿美元的罚款,这对于其每年60亿美元的自由现金流而言,是一大笔资金。然而,如果其股东对收购Shire交易投反对票,艾伯维将只需要支付5亿美元的分手费。艾伯维尚未发布股东大会的具体日期。

艾伯维-Shire交易将按规执行

随着新的税收规则,离岸资金仍可以由各公司自行使用,但将按美国35%的企业所得税率交税。在本年第二季度,艾伯维现金及现金等价物有102亿美元,分析师预计,这笔资金的大部分由艾伯维的离岸账户持有。然而,艾伯维尚未透露打算利用多少离岸资金资助收购Shire的交易。

此前,艾伯维计划,收购Shire完成后,将总部转移至英国,从而将公司企业税从40%降低至21%。而新的税法规定,已对美国子公司和海外母公司之间的现金转移和贷款进行了限制。目前要看艾伯维究竟想采取哪一步行动。(生物谷Bioon.com)

英文原文:Is The AbbVie-Shire Deal In Trouble?

AbbVie might need additional financing to complete its acquisition of Shire, given the new tax rules imposed by the US Treasury Department

AbbVie Inc (ABBV) is searching for sources to raise funds for its pending $55 billion acquisition deal of Shire PLC (ADR) (SHPG). The search for funding is a result of the new tax rules imposed by the US Treasury Department on September 22. These new rules have created various obstacles for US pharmaceutical companies that are involved in tax-inversion deals to dodge the higher US-tax rates.

In a tax-inversion deal, a US company acquires a small foreign firm to relocate its headquarters there and hence benefit from a lower corporate-tax rate.

The Obama Administration has been looking for ways to curb tax-inversion deals, and the new rules were finally imposed on Monday by US Treasury Secretary Jack Lew to reduce the economic benefits associated with the inversion rules, and to close loopholes that have been exploited by US companies.

Additional Funds Required By AbbVie

According to AbbVie’s new financing plan, the company will raise an additional $7 billion through debt financing, due to the new restrictions on the use of offshore cash by US corporations.

Moody’s Corporation (MCO) has stated that an additional debt of $20 million is expected to increase the company’s leverage ratio to 3.7 times its EBIT (Earnings Before Interest and Taxes).

However, Bloomberg reported that AbbVie’s spokeswoman said in an email that rumors about the company planning to gather additional funds are not true. Shire, on the other hand, declined to comment on this matter.

AbbVie’s shares traded up 2% and closed at $59.2 on this news, while Shire’s shares traded up 3.2% to close around $263.

Speculation Over AbbVie-Shire Deal

AbbVie has not made any comments on whether it will still pursue Shire after the new tax rules or walk away from the deal altogether.

So far, AbbVie has not revealed the final plan on how it intends to proceed with the deal. But according to sources, it is examining the cost of increased borrowing and its effect on the company’s credit rating. Sources also highlighted that AbbVie is still committed to its deal with Shire for $55 billion.

According to Richard Gonzalez, CEO of AbbVie, the company will not only take advantage from tax benefits but will also be able to diversify its portfolio after getting a hold of Shire’s treatment therapies that target rare diseases. Through this deal, the company will be able to reduce the reliance on its blockbuster drug Humira – used for treatment of Rheumatoid Arthritis. Humira currently generates over 50% of the company’s total revenues. 

In case AbbVie walks away from the deal, it will have to pay a fine of $1.6 billion — a hefty amount considering its annual free cash flow of $6 billion. However, if shareholders vote against the AbbVie-Shire deal, then the company will only have to pay $500 million in breakup fees. AbbVie has not yet released the exact date for the shareholder meeting.

AbbVie-Shire Deal In Light Of New Tax Rules

With the new tax rules, offshore funds can still be utilized by their respective companies but will be subject to the 35% corporate tax rate in the US.

As of its second quarter, AbbVie had about $10.2 billion in cash and cash equivalents, which Jeffery Holford from Jefferies Group LLC, along with various other analysts, believe is mostly held in AbbVie’s offshore accounts. However, AbbVie has not revealed the exact amount of offshore funds it intends to utilize for financing the Shire deal. 

AbbVie plans to shift its headquarters to the UK after acquiring Shire, which will reduce the company’s corporate-tax rate on earnings from 40% to 21%. The new tax rules, however, have imposed restrictions on cash transfers and loans between US-based subsidiaries and their foreign parents. It will be interesting to see which course of action the pharma giant takes.

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