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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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'No other country' would welcome AstraZeneca bid

Labour leader Ed Miliband has reiterated his opposition to Pfizer's attempted takeover of British firm AstraZeneca, saying "no other country in the world would be waving this bid through".

Packaging from drugmaking giants AstraZeneca and Pfizer. Credit: PA

Mr Miliband told BBC's The Andrew Marr Show that he would be writing to the Prime Minister and urging him to "champion" the "British success story" of the pharmaceutical company.

He said: "No other country in the world would be waving this bid through, nodding it through on the basis of pretty weak assurances from Pfizer, who have a pretty dubious record when it comes to their record in this country and other takeovers."

"I'm writing to the Prime Minister today setting out how we adapt the public interest test in the future and how he, rather than being that cheerleader for this takeover with paper-thin assurances, should be actually championing British jobs and a British success story that is AstraZeneca," he said.

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