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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 braced for potential hostile takeover bid

File photo dated 19/03/13 of an AstraZeneca logo. Credit: Lynne Cameron/PA Wire

Speculation is beginning to mount that US US pharmaceutical giant Pfizer is set to make a hostile bid for AstraZeneca after its £63 billion takeover offer was spurned last week.

Industry sources said a hostile bid could come as early as today. That would trigger increased calls for the bid to be referred to the competition authorities. It would also heighten union fears over jobs if the takeover was successful.

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