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 unions tell board to resist Pfizer takeover

Union representatives and shop stewards at AstraZeneca have urged the company's board to resist "hostile" takeover approaches from US drugs firm Pfizer.

A statement from union reps from GMB and Unite said the bids were "not in the interests" of the AstraZeneca workforce or the public, adding:

Pfizer’s track record in takeovers has been one of job losses and closures across the world.

The “guarantees” given by Pfizer to the Prime Minister, David Cameron, will in the union reps’ opinion prove to be worthless in the long run.

Union reps expressed their disappointment that no response had been given by business secretary Vince Cable to requests for meetings.

The reps urged Dr Cable to block the proposed takeover and confirmed two officials from GMB and Unite will give evidence at the House of Commons' business selection committee hearing next Tuesday.

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