Shire gets $248 mln tax refund from Canada, more to come

Mon Jun 30, 2014 2:17am EDT
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LONDON, June 30 (Reuters) - Shire, which is being pursued by U.S. drugmaker AbbVie in a $46 billion takeover attempt, said on Monday it had received a $248 million cash refund from the Canadian revenue authorities.

Shire expects a further $162 million in late 2014.

As a result, the group has recorded a net credit to income taxes amounting to $216 million, which will be excluded from non GAAP income and will not impact Shire's core effective tax rate in 2014. The money will be used to repay debt. (Reporting by Ben Hirschler; editing by James Davey)