Pfizer set to up the takeover pressure on AstraZeneca
Monday 05 May 2014
Pfizer, the US pharmaceutical giant, will this week step up its charm offensive with AstraZeneca's investors as it tries to seal a £63bn tie-up.
The company is hoping talks with UK-based institutions will encourage its rival to enter into discussions. Major shareholders such as Axa Investment Managers and Schroders have indicated they would like to see both parties start talks.
Sources close to Pfizer say the group is reluctant to increase its £50-a-share offer, with AstraZeneca holding out for something closer to £55 a share before it comes to the table. However, it is hoping that investors will force AstraZeneca into action. The news came as Labour leader Ed Miliband called for an inquiry into the controversial bid and accused the Government of "cheerleading" for a deal.
Pfizer stands to save up to $20bn (£11.8bn) a year in taxes if the deal goes through.
Mr Miliband said: "We need a more substantive assessment of whether this takeover is in the national economic interest before the UK Government allows itself to be seen to be supporting it," he said in a letter to Prime Minister David Cameron.
In response, Grant Shapps, the Conservative Party chairman, said: "We are going to have tests which ensure that this get-together becomes a great Anglo-American project, or it doesn't happen."
Olympic diver has made his modelling debut for Adidas
- 2 Scottish independence: Learn from Quebec's mistakes and beware of promises. Vote Yes.
- 3 'Necrophilia-obsessed' girl among double murder accused in three-way sex case
- 4 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Revealed after 75 years of secrecy: 'Fifi' the glamorous WW2 special agent who tested British spies' resolve
Thailand beach murders: Thai PM suggests 'attractive' female tourists cannot expect to be safe wearing bikinis
Scottish independence: Final opinion polls show undecided voters could swing result either way
Isis release 'Flames of War' video warning Obama of attacks troops could face in Iraq
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Portuguese academic says British are 'filthy, violent and drunk'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
£20000 - £25000 per annum + OTE £35,000 first year: SThree: The SThree group i...
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...