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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.

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AstraZeneca board objected on 'price, cash and tax base'

Business Editor for ITV News Joel Hills stated the following objections the AstraZeneca board made, regarding the improved takeover offer from the US pharmaceutical company Pfizer:

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