Speculation mounting Pfizer to make a hostile bid for AstraZeneca

Union representatives and shop stewards at AstraZeneca have urged the company's board to resist "hostile" takeover approaches from US drugs firm Pfizer.

A statement from union reps from GMB and Unite said the bids were "not in the interests" of the AstraZeneca workforce or the public, adding:

Pfizer’s track record in takeovers has been one of job losses and closures across the world.

The “guarantees” given by Pfizer to the Prime Minister, David Cameron, will in the union reps’ opinion prove to be worthless in the long run.

Union reps expressed their disappointment that no response had been given by business secretary Vince Cable to requests for meetings.

The reps urged Dr Cable to block the proposed takeover and confirmed two officials from GMB and Unite will give evidence at the House of Commons' business selection committee hearing next Tuesday.

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.