Ex-CBI boss: Pfizer bid 'matter of grave public concern'

ITV News Business Editor Joel Hills has interviewed former director-general of the Confederation of British Industry on Pfizer's rejected bid for British firm AstraZeneca.

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Sir Richard Lambert, former DG of CBI, tells me Pfizer bid is "a matter for grave public concern."

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Sir Richard warns that “commitments made at a time of takeover bids are sometimes broken”. Pfizer’s need to be made binding.

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Richard Lambert says the work AstraZeneca does is “one of the two or three things Britain does that we’re best in the world at”.

Sir Richard added that the Kraft takeover of Cadbury is proof that promises get broken and the AstraZeneca bid is "an order of magnitude more important". He added that foreign owned companies "close branches that aren't in the homeland".

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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.