Credit: Reuters/Peter Jones
Tim Hortons employees serve shareholders before the company's annual general meeting in Toronto, May 8, 2014.
Citing people familiar with the matter, the Journal said the two companies are working on a deal to create a new holding company based in Canada and could be struck soon, although more details on the timing could not be learned.
Recent attempts by companies for tax inversion deals, which are made to escape U.S. taxes, save money on foreign earnings and cash held outside the U.S. have come under fire from some politicians, including President Barack Obama.
(Reporting by Chuck Mikolajczak)
Entities 0 Name: U.S. Count: 2 1 Name: Toronto Count: 1 2 Name: Reuters\/Peter Jones Tim Hortons Count: 1 3 Name: Canada Count: 1 4 Name: Barack Obama Count: 1 5 Name: Chuck Mikolajczak Count: 1 Related 0 Url: http://ift.tt/1ppS2OH Title: One Way to Fix the Corporate Tax: Repeal It Description: "Some people are calling these companies 'corporate deserters.' " That is what President Obama said last month about the recent wave of tax inversions sweeping across corporate America, and he did not disagree with the description. But are our nation's business leaders really so unpatriotic?
