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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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PM: Government should consider 'public interest test'

Britain should consider whether existing takeover laws giving ministers power to intervene in deals could be applied to Pfizer's takeover bid for AstraZeneca, the Prime Minister's spokesman said.

Cameron's spokesman said the Prime Minister agreed with Business Secretary Vince Cable who said the government needed to consider whether a "public interest test" should be applied to any potential takeover.

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