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(Bloomberg) — Each week, host Alex Sherman, a Bloomberg mergers and acquisitions reporter, is joined by a colleague to discuss the most interesting and market-moving M&A news.

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.

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To contact the author of this story: Alex Sherman inNew York at asherman6@bloomberg.net