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European Union Rules Against Apple, Fine Could be Billions

The European Union has ruled against Apple and its tax arrangement with Ireland.
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The European Union has ruled against Apple ( (AAPL) - Get Apple Inc. (AAPL) Report ) and its tax arrangement with Ireland. The EU says Ireland gave Apple illegel tax breaks and must collect on those. The clawback could be between $200 million to $19 billion U.S. dollars. The Irish government says it will challenge the ruling as has the U.S. Treasury Department. Hershey ( (HSY) - Get Hershey Company (HSY) Report ) shares are lower after Mondelez pulled its offer to merge with the company. This puts an end to a months long takeover attempt that would have created the world's largest candy company. Hershey rebuffed a new bid from Mondelez last week, according to the Wall Street Journal. Two groups are suing Valeant Pharmaceuticals ( (VRX) ). They claim the company's relationship with specialty mail-order pharmacy Philidor Rx Services was illegal and allowed Valeant to overcharge and wrong charge for prescriptions.

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