The Financial Post reports in its Wednesday edition merging with Botox maker Allergan could vault Valeant into top spot as Canada's largest publicly traded company, dethroning Royal Bank of Canada. The Post's Nicolas Van Praet writes the combined market cap of both Valeant and Allergan is about $103-billion, just shy of the $104-billion value of Royal Bank of Canada. RBC Capital Markets and Barclays PLC are advising Valeant on the transaction and providing $15.5-billion of debt financing (all figures U.S.). "You can get to some very large numbers for the value of this combined business, north of $100-billion," Pershing Square's Bill Ackman told reporters Tuesday in explaining why he is partnering with Valeant to try to buy the Irvine, Calif., company. "We're already talking about the next deal we're going to do with Valeant. The party will go on." Valeant can transfer its intellectual property to tax havens and repatriate the profits to Canada without paying the same punishing taxes it would face in the United States. It is all part of an overall corporate strategy centred on using a decentralized stable of proven, high-growth health care products that are not patent-dependent while overhead remains low.