ANOTHER MULTI-national giant is seeking court orders to facilitate its relocation to Ireland for tax reasons.
Among the orders sought by Warner Chilcott plc, a pharmaceutical company employing 1,115 people, is one reducing its $3.9 billion (€2.6 million) share capital.
That order would not adversely affect the solvency of the company which has no creditors, Mr Justice Peter Kelly in the Commercial Court was told.
The group requires the orders to relocate its parent company here from Bermuda arising from changes to US tax laws proposed by US president Barack Obama.
The application comes after similar relocation applications were granted in recent months, including for Ingersoll-Rand plc and medical and pharmaceutical giant Covidien plc.
Warner Chilcott has undertaken a scheme of arrangement under Bermuda law under which Warner Chilcott plc, with registered offices at Ardee Business Park, Co Louth, became the new parent company of the group.
On the application of Paul Sreenan SC, for Warner Chilcott, Mr Justice Kelly made directions for the advertising of the company’s petition in the Irish and international media and listed it for hearing on November 9th.
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