This risk intensified further on Monday, when, after months of rhetoric, Washington took its first concrete steps to derail the rush of inversion deals made so far this year. However, Pfizer's talks with Actavis are thought to have collapsed before these steps were announced.
News of Pfizer's interest in Actavis further rattled investors hopeful that the American group will resurrect talks in November, when it will be allowed to make another approach for its Anglo-Swedish rival following its failure to clinch a deal back in May.
Shareholders were already lowering their expectations of a fresh approach from Pfizer following Washington's efforts to make tax inversions less attractive.
Pfizer's attempted takeover of AstraZeneca fell apart in May after the Anglo-Swedish drug maker rejected a "final" offer of £55 per share. The collapsed brought to an end an acrimonious episode which stirred up fierce divisions among shareholders, scientists and politicians over whether the takeover would lead to a reduction in R&D investment in Britain.
AstraZeneca tumbled as much as 6pc yesterday following the news. Its fell 0.88pc on Wednesday morning after closing down 3.57pc on Tuesday.
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