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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.

Pfizer had until 5pm today to make a new bid or walk away from the process.

"Following the AstraZeneca board's rejection of the proposal, Pfizer announces that it does not intend to make an offer for AstraZeneca," the firm said in a news release.


AstraZeneca shareholder 'delighted by board's resolve'

ITV News Business Editor spoke to AstraZeneca shareholder and fund manager Neil Woodford this evening, who said he was "delighted by the resolve of the board" and happy with their decision to reject the takeover bid.

Pfizer deal 'clearly controversial', says Astra chair

The chairman of AstraZeneca has said the "tax-effective" structure of the proposed deal with Pfizer would have made it a "controversial" deal.

"It was possibly within the rules - we think so - but it was clearly a controversial deal," he told ITV News Business Editor Joel Hills.

Astra chair: Deal appears to be at 'end of the road'

AstraZeneca chairman Leif Johansson has told ITV News he believes a potential takeover deal with Pfizer is "at the end of the road" after a number of issues remained unresolved.

He said Pfizer were told that they would have to raise last week's bid by at least 10% for it to be recommended to shareholders, "assuming other aspects of the deal" could be resolved.

"Neither of the two happened so that's where I think we are at the end of the road," he said.


Cable 'keeping options open' about AstraZeneca future

Business Secretary Vince Cable has said he and the rest of the Government are "keeping our options open" after AstraZeneca's board rejected Pfizer's increased and apparently final offer of £69 billion.

Asked about the board's decision, Mr Cable said:

I'm not telling them what to do, they have clearly come to a firm view on the offer that has been put to them.

We will stay, as a Government, very firmly in a position of keeping our options open.

We have a clear view of the national interest in protecting research and development, jobs and manufacturing here, and we have sent out that message loud and clear.

AstraZeneca shareholder believes Pfizer will renew bid

AstraZeneca shareholder Aberdeen Asset Management believes Pfizer will return with a renewed bid for the British drug manufacturer in six months.

ITV News Business Editor Joel Hills reports:

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