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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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Govt 'may intervene' in AstraZeneca takeover bid

With jobs and research excellence potentially at stake, Business Secretary Vince Cable said the Government might intervene to stop the takeover of the British drug company AstraZeneca by its American rival Pfizer.

But Dr Cable hinted that his hands may be tied by European law.

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