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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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Vince Cable: Government 'neutral' on Pfizer deal

Business Secretary Vince Cable has said the Government will show "even-handed neutrality" over Pfizer's bid for British-Swedish pharmaceutical firm AstraZeneca.

Answering questions in the House of Commons, Dr Cable said: "The Government must and will approach it from the position of even-handed neutrality and recognise that this is ultimately a matter for the shareholders of both companies."

Business Secretary Vince Cable addresses MPs in the House of Commons. Credit: Pool

He also sought to reassure MPs about the impact of any possible takeover on jobs, saying: "I and my colleagues across Government engaged early with both companies to make sure the outcome is positive for the UK."

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