Pfizer admits defeat on AstraZeneca bid
US pharmaceuticals giant Pfizer has called off its multi-billion pound bid to take over British-Swedish firm AstraZeneca. The decision came after AstraZeneca's board declined an offer worth almost £70bn.
Business group: No case to extend public interest test
The Institute of Directors (IoD) has said it does not believe there is "any case" for extending the existing public interest test for takeovers as AstraZeneca prepares for a possible hostile takeover bid from US drug giant Pfizer.
Roger Barker, the IoD's director of corporate governance, said: "This is not to say that Government has no part to play in establishing a world-class environment for life sciences in the UK.
"But attempting to second-guess the industrial logic of takeover decisions is not one of Government's strengths, as was demonstrated throughout the 1970s at British Leyland and elsewhere.
"Over time, excessive Government intervention in the market would cost far more jobs than might be saved by efforts to politicise this particular deal."
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AstraZeneca: It ain't over until the 26th...
Pfizer has until Monday until it admits defeat in bidding for AstraZeneca. But after the shenanigans of the past few days we cannot be sure.
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Is Pfizer's pursuit of AstraZeneca finally over?
AstraZeneca's share price is tumbling back down to earth after the board rejected a "final" Pfizer bid. So is the takeover really over?
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How should we regard Pfizer's promises?
Sweden's Finance Minister says the Government should be "very, very sceptical" about any promises the US pharmaceutical giant makes.