AstraZeneca share price: Pfizer’s takeover bid comes under scrutiny

on Apr 30, 2014
Updated: Apr 9, 2020
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iNVEZZ.com, Wednesday, April 30: British politicians intend to investigate US drugmaker Pfizer’s (NYSE:PFE) planned £59.41 billion takeover of the UK’s second largest pharmaceutical company, AstraZeneca (LON:AZN), in a bid to safeguard jobs and to curb mass tax avoidance.

Members of the UK’s parliamentary business, innovation and skills committee are worried that the deal, which would be the biggest-ever foreign acquisition of a British company, could threaten the country’s strategic interests.
“We are keen to look closely at it,” committee member Ann McKechin told Reuters today. “We will see how events pan out over the next few days, but clearly given the scale of the proposed merger it is important that we consider the impact not just on shareholders but also on employees and the wider interests of the UK.”

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On Monday, Pfizer (NYSE:PFE) confirmed its takeover interest, saying that it had approached AstraZeneca twice this year (AstraZeneca share price flies as Pfizer confirms bid interest). The company is widely expected to come back with a revised offer before a May 26 deadline under UK takeover rules.

The US group’s CEO Ian Read is now in Britain to lobby politicians and investors about the merger. Ha has declined to offer any commitments over UK jobs and investment, insisting that it was impossible to do so unless AstraZeneca agreed to formally discuss the deal.
**AstraZeneca share price climbs**
AstraZeneca’s share price has been trading in a positive territory today and as of 14:17 BST, it was 0.80 percent higher at 4,669.50p.

According to AnalystRatingsNetwork data, seven research analysts have a ‘sell’ rating on the FTSE 100-listed drugmaker, 17 have it as a ‘hold’ and seven rate it as a ‘buy’. The stock’s consensus rating is ‘hold’ with an average price target of 3,887.03p.
**As of 15:13 BST, buy AstraZeneca shares at 4,647.00p.**
**As of 15:13 BST, sell AstraZeneca shares at 4,646.00p.**

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