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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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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.

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