White House declines comment on Johnson Controls deal to buy Ireland-based Tyco

Reuters News
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Posted: Jan 27, 2016 2:34 PM

WASHINGTON (Reuters) - The White House on Wednesday declined to comment on the latest so-called tax-inversion deal by a major U.S. company, but said legislation was needed to close the loophole.

Asked at a White House briefing about a $16.5 billion deal announced on Monday by Johnson Controls Inc <JCI.N>, a U.S. maker of car batteries and heating and ventilation equipment, to acquire Ireland-based peer Tyco International Plc <TYC.N>, spokesman Josh Earnest said he would not comment on specific deals.

"Ultimately, we need legislation to address this loophole," he said.

(Reporting by Roberta Rampton and Ayesha Rascoe; Writing by Mohammad Zargham; Editing by James Dalgleish)