Speculation mounting of hostile take-over bid for AstraZeneca

Speculation is mounting that US pharmaceutical giant Pfizer is set to make a hostile bid for AstraZeneca after its £63 billion bid was rejected.

The UK company said the offer "substantially" undervalued the business, forcing Pfizer to consider its next move.

Industry sources said a hostile bid could come as early as tomorrow. That would trigger increased calls for the bid to be referred to the competition authorities. It would also heighten union fears over jobs if the takeover was successful.

GMB Union which represents 3,000 workers in Macclesfield is warning the company's commitment to its workforce and research and development have proven to be 'empty promises' in the past.