Opening Bell: Pfizer's merger folds, FIFA's new boss linked to Panama Papers, Ireland's latest Brexit warning

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Pfizer has abandoned its planned $150bn dollar takeover of Allergan in Dublin.

This move comes after the US revealed its latest efforts to crackdown on corporate tax avoidance, particularly through inversion deals.

The companies are expected to announce the deal’s termination this morning.

Informed sources say Pfizer will pay Allergan a small breakup fee - much less than the full $400m dollars previously reported.

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New FIFA president, Gianni Infantino, has found his name embroiled in the Panama Papers financial data leak.

Infantino was director of legal services of UEFA during a period in which the papers claim they completed deals with two figures who have been caught up in the FIFA corruption scandal. 

Contracts from 2003 and 2006, co-signed by Mr Infantino, link UEFA with companies involved in the leaked Panama Papers. 

Documents show that in 2006, the organisation sold rights for the Champions League, UEFA Cup and Super Cup in South America, which were bought by an Argentine company called Cross Trading.

Cross Trading was immediately sold on to broadcaster Teleamazonas for "about three or four times the amount paid for them" according to The Guardian's report.

Cross Trading is a subsidiary of Full Play which is owned by Hugo Jinkis, who faces charges of corruption and bribery regarding the broadcast rights.

UEFA and Mr Infantino have denied any wrongdoing.

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Klaus Regling, the head of the European bailout fund has warned that Ireland would be worst hit by a British exit from the EU.

"For certain euro-area countries it would certainly be costly - particularly for Ireland," Mr Klaus from the European Financial Stability Facility said.

"Half of their exports go to the UK, so for them it would be particularly difficult," he continued.

Mr Regling added that the UK leaving would be "politically very unfortunate."

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Shares struggled across Europe and North America yesterday after the IMF issued a new warning for the world economy.

The FTSE 100 in London closed down 1.2%, the ISEQ was down by 1%.

Meanwhile, Germany's DAX finished down 2.6% as weak foreign demand resulted in factory orders falling.

In the US the Dow Jones closed down 0.8%.