(Bloomberg) -- In this episode, Alex and Global M&A Managing Editor McCracken discuss the largest deal of the year and the biggest health care deal ever, Pfizer Inc. and Allergan Plc's $160 billion merger. They ponder whether the deal, constructed so that Pfizer will pay lower taxes by domiciling in Ireland, opens the door for more so-called inversions just as the U.S. Treasury tries to crack down on them. Frank Aquila, a partner at Sullivan & Cromwell, joins Alex and Jeff to compare M&A in the 1980s with the present day, crediting companies and their advisers for doing smarter deals now, while regretting one particular merger that never got done.