Pfizer bid leaves 'uncertainty and risks' for shareholders

AstraZeneca has said it has rejected US drug firm Pfizer's £69 billion takeover offer because it "falls short" of the company's value and leaves "uncertainty and risks" for its shareholders.

ITV News Business Editor Joel Hills reports:

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AstraZeneca rebuffs Pfizer offer as "falls short of AstraZeneca's value" and proposals "being uncertainty and risks for AZ shareholders".

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AstraZeneca says Pfizer bid driven by "cost savings and tax minimisation" + failed to "make a compelling strategic, business or value case"

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AZ says Pfizer bid "inadequate" + would have "serious consequences for the Company, our employees and the life-sciences sector in the UK".

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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.