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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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Pfizer makes final offer of £69bn for AstraZeneca

US drugs giant Pfizer said it has made a final and improved takeover approach worth £69 billion for UK rival AstraZeneca.

Pfizer added that it will not make a hostile offer direct to AstraZeneca shareholders, instead urging them to press the company's board to begin substantive engagement over a deal.

Pfizer pharmaceuticals company which is situated at Discovery Park, in Sandwich, Kent Credit: PA

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