White House declines comment on Johnson Controls deal to buy Ireland-based Tyco

Reuters
The logo of the U.S. Johnson Controls company is seen in Nersac, southwestern France, January 31, 2008. REUTERS/Regis Duvignau

WASHINGTON (Reuters) - The White House on Wednesday declined to comment on the latest so-called tax-inversion deal by a major U.S. company, but said legislation was needed to close the loophole. Asked at a White House briefing about a $16.5 billion deal announced on Monday by Johnson Controls Inc , a U.S. maker of car batteries and heating and ventilation equipment, to acquire Ireland-based peer Tyco International Plc , spokesman Josh Earnest said he would not comment on specific deals. "Ultimately, we need legislation to address this loophole," he said. (Reporting by Roberta Rampton and Ayesha Rascoe; Writing by Mohammad Zargham; Editing by James Dalgleish)