It's an M&A Monday with a number of noteworthy deals announced. Among them, U.S. generic drug maker Perrigo (PRGO) is buying Dublin-based Elan (ELN) for $8.6 billion. The deal follows three hostile takeover bids for Elan from Royalty Pharma. The new company will be based in Ireland where the corporate tax rate is 12.5%. Elan is up more than 10% in early trading, adding to gains of 39% so far this year. Perrigo is down 2%, taking away from gains of 26% since the year began.
Another deal being digested today will create the world's biggest advertising firm. In a merger announced last night Omnicom (OMC) and France-based Publicis are merging to form a $35-billion powerhouse. The deal is designed to restore the balance of power between ad agencies and Silicon Valley behemoths like Google (GOOG) and Facebook (FB). But it could face regulatory scrutiny. As for other M&A activity this Monday, Canada's Hudson's Bay is buying luxury department store chain Saks (SKS). Also, Michigan-basedRead More »from M&A Monday; Market Movers for the Week Ahead; Apple-Related Accusations