Pfizer weighs £60bn bid for Astra Zeneca ( Not the full article)
American drug giant makes secret approach for struggling rival, paving way for biggest ever British takeover
PFIZER, the world’s biggest drug company, has made a tentative approach to Astra Zeneca about a possible takeover that could value its British rival at more than £60bn.
Informal conversations about a possible tie-up have taken place in recent weeks, according to senior investment bankers and industry sources.
A sale of Astra would be the biggest-ever foreign takeover of a UK business. It is the country’s tenth-largest company with 50,000 employees globally.
Astra is believed to be resisting Pfizer’s advances and no talks are currently under way, say insiders. However, Pfizer, famous for its anti-impotence drug Viagra, could come back with a fresh approach.
The New York company is keen to deploy a $70bn (£42bn) cash pile that it has accumulated in overseas subsidiaries. Repatriating the cash to America so it could be distributed to shareholders would lumber it with a colossal tax bill.
Pfizer is said to be weighing