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A tactic to avoid corporate taxes has U.S. companies on the move—merging with foreign firms and then setting up residence overseas.
On Monday, Michigan-based medicine manufacturer Perrigo agreed to buy the Irish drug company Elan for $8.6 billion. In the bargain, the combined company's headquarters will be in Ireland, which has a corporate tax rate of 12.5 percent, versus 35 percent in the U.S.
Just the day before, American advertising giant Omnicom Group announced plans for a $35 billion merger with France's Publicis Groupe, saying that the combined company's tax residence will be in the Netherlands, which has a 25 percent corporate tax rate.