FOX Business Network’s (FBN) Senior Correspondent Charlie Gasparino reports that Paulson & Co hedge fund manager John Paulson lost about “$1.5 billion” when the Shire PLC (ADR) (NASDAQ:SHPG) (LON:SHP) deal with AbbVie Inc (NYSE:ABBV) collapsed which was “a corporate tax inversion.” Gasparino went on to report that Paulson “held a lot of shares something like 30 million” of Shire.
John Paulson on whether Paulson & Co hedge fund manager John Paulson lost around $1.5 billion when the Shire deal collapsed:
“I’m getting this from traders. We should point out that Paulson’s PR people will not deny this. We’ve asked them three times. What’s going around market is that this guy may have been the biggest loser on the arbitrage bet on that Shire AbbVie breakup. That deal that was supposed to happen you know it was a corporate tax inversion, it didn’t happen. He held a lot of shares something like 30 million but they were leveraged from what we understand, so we hear the number that is bouncing around about Paulson losses is something like $1.5 billion, which is a huge loss.”