ITV News Business Editor Joel Hills reports:
AstraZeneca says Pfizer "strongly undervalues" it + not enough cash on offer. "Shareholders strongly advised to take no action"
Pfizer confirms it made contact with British government about intentions for AstraZeneca this morning.
The GMB union said that the takeover approach of AstraZeneca by US drugs giant Pfizer has created added insecurity for workers and that any bid should be referred to competition authorities.
It called for a "bankable commitment that manufacturing and R&D [research and development] will continue here" amid fears these could be exported to the Far East.
GMB national officer Allan Black said the Government had a duty to protect against a "hostile approach" which would see business going abroad, adding that such a move would also weigh on the balance of payments deficit.
ITV News Business Editor Joel Hills reports on the latest on the speculation that US pharmaceutical giant will attempt another takeover of UK rival AstraZeneca.
Pfizer already suggesting it would be committed to a presence in Britain. In 2011 it close R&D site in Sandwich where 2,400 worked.
AstraZeneca one of those "economically important" companies governments cherish. 7,000 skilled staff + accounts for 2% of UK exported goods.
AstraZeneca's share price soared by 15 per cent in early hours trading on the back of speculation that US drugs giant Pfizer would renew its takeover bid for the UK pharmaceutical company.
Just after UK financial markets opened, AstraZeneca's share price hit a record high of £47.13 but slipped back slightly to 46.78 at 8.50am (BST).
ITV News Business Editor Joel Hills reports on the renewed bid by US pharmaceuticals giant Pfizer for the UK's AstraZeneca:
Prepared for take off: AstraZeneca's share price. Closed £40.80 on Friday. Pfizer initial approach in Jan £46.61. Market open in 30 mins.
AstraZeneca makes clear it's not interested in Pfizer's amorous advances. In love, Pfizer would walk away. In business can "go hostile".
Pfizer sought to "renew discussions" at the weekend but AstraZeneca "again declined to engage".
The attempted takeover of British pharmaceutical giant AstraZeneca by its US rival Pfizer would create one of the global drug's industry's largest ever deals.
The US pharmaceuticals group has confirmed it renewed contact with Astrazenca following a failed attempt earlier in the year to start talks on a multi-billion pound takeover.
US drugs giant Pfizer has confirmed details of a multi-billion pound takeover approach for the UK's AstraZeneca.