Skip to main content

Pfizer ends contentious AstraZeneca takeover bid

US drugs giant Pfizer yesterday withdrew from its attempt to take over AstraZeneca after the British-based group repeatedly spurned its advances.

A statement said it “does not intend to make an offer” following the rejection of Pfizer’s £69 billion takeover bid.

However Unite, which represents workers at AstraZeneca, warned that Pfizer “could be back.”

Assistant general secretary Tony Burke said: “Pfizer convinced hardly anyone that their bid was good for science and would secure skilled jobs and manufacturing in the UK.

“There can be no room for complacency though. We expect that there will be renewed pressure on shareholders over the coming months with the likelihood that Pfizer could be back in its attempts to take over AstraZeneca.

“The government needs to use this time to intervene and put a public-interest test in place for proposed takeovers of this size, just as other governments do such as the French, which has strengthened its powers to act to protect strategic industries.”

OWNED BY OUR READERS

We're a reader-owned co-operative, which means you can become part of the paper too by buying shares in the People’s Press Printing Society.

 

 

Become a supporter

Fighting fund

You've Raised:£ 12,411
We need:£ 5,589
5 Days remaining
Donate today