August 25, 2014 / 12:53 AM / 4 years ago

Burger King in talks to buy Tim Hortons: source

NEW YORK (Reuters) - Burger King BKW.N is in talks to buy Canadian coffee and doughnut chain Tim Hortons Inc THI.TO in a deal that would be structured as a tax inversion to move the hamburger chain’s domicile out of the United States, according to one person familiar with the matter.

Tim Hortons employees prepare coffee before the company's annual general meeting in Toronto, in this file photo taken May 8, 2014. REUTERS/Peter Jones

The deal is not yet complete, and the person could not speak to the possible timing for an agreement to be reached. The person asked not to be identified.

Recent attempts by companies for tax inversion deals, which are made to escape U.S. taxes and save money on foreign earnings and cash held outside the United States, have drawn the attention of some politicians, including President Barack Obama, who criticized a “herd mentality” by companies seeking such deals.

Reporting by Chuck Mikolajczak; Editing by Leslie Adler

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