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Pfizer planning to beef up AstraZeneca bid

AFP

US drugs giant Pfizer was planning Sunday to beef up its takeover offer for British competitor AstraZeneca, the Wall Street Journal reportedUS drugs giant Pfizer was planning Sunday to beef up its takeover offer for British competitor AstraZeneca, the Wall Street Journal reported

US drugs giant Pfizer was planning Sunday to beef up its takeover offer for British competitor AstraZeneca, the Wall Street Journal reportedUS drugs giant Pfizer was planning Sunday to beef up its takeover offer for British competitor AstraZeneca, the Wall Street Journal reported

US drugs giant Pfizer was planning Sunday to beef up its takeover offer for British competitor AstraZeneca, the Wall Street Journal reported.

Citing unnamed sources familiar with the matter, the newspaper did not disclose details of a new buyout offer but said Pfizer may walk away if its latest advance is rebuffed.

Pfizer's most recent offer of $106 billion for the buyout was rejected by AstraZeneca. British regulators have set May 26 as the deadline for Pfizer to either raise its bid, launch a hostile takeover or abandon the effort.

Pfizer did not respond to an AFP request for comment.

Politicians and unions have expressed concern that a tie-up would lead to job cuts and damage Britain's position as a research and development hub.

In the United States, meanwhile, two US governors have pressed Pfizer about the impact on jobs in their states, while a US senator has called for an overhaul of the tax code to discourage deals like the one Pfizer is pursuing.

AstraZeneca employs 6,700 people in Britain and the head of Pfizer, Ian Read, admitted recently that jobs could be lost if the takeover succeeds.

His counterpart at AstraZeneca, Pascal Soriot, has meanwhile warned that a Pfizer takeover could delay the production of life-saving drugs.

Date created : 2014-05-18