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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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Myners: PM 'ill-advised cheerleader' for takeover bid

Former City minister Lord Myners has criticised the Prime Minister for "cheerleading" Pfizer's potential takeover of AstraZeneca.

In an interview with Business Editor Joel Hills on his plans to overhaul the structure of the Co-operative Group, Lord Myners said:

"Pfizer has a reputation and a record for acquiring companies, slashing costs and reducing investment in research and development. (...)

"I think Mr Cameron was very ill-advised to get drawn in to becoming a cheerleader for this bid, what he should have done was refer it to the competition authority".

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