Pfizer pulls out of Allergan takeover in Dublin

Pfizer has decided to kill its planned $150bn takeover of Allergan in Dublin.

The moves comes after the latest US efforts to crackdown on legal tax avoidance..

The companies are expected to announce the deal’s termination this morning.

Informed sources say Pfizer will pay Allergan a small breakup fee - much less than the full $400m previously reported.