Pfizer unprepared to extend commitments to UK

Pfizer's boss Ian Read is appearing at a business select committee on the US company's proposed takeover of AstraZeneca. ITV News Business Editor Joel Hills has tweeted:

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Pfizer commitments to Britain last for 5 years. Ian Read says he would not be prepared to extend them, already "unprecedented".

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Pfizer boss says Takeover Panel has power to take it to High Court if breaks pledges to UK. Although he can't think of precedent.

Read: Pfizer has 'gone hostile' with appeal to AstraZeneca shareholders

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Ed Miliband: 'Serious concerns' over proposed Pfizer deal

Following a brief 30 minute with Pfizer chief executive Ian Read after today's hearing Mr Miliband said: "There are serious concerns about this proposed takeover. There are too many unanswered questions about British science and British industry".