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| Pfizer confirms bid interest in AstraZeneca | Pfizer confirms bid interest in AstraZeneca |
| (35 minutes later) | |
| US drugs giant Pfizer has confirmed it has contacted AstraZeneca over a possible multi-billion pound takeover. | |
| Pfizer said it made an initial approach in January, but after "limited high-level discussions" AstraZeneca discontinued the talks on 14 January. | Pfizer said it made an initial approach in January, but after "limited high-level discussions" AstraZeneca discontinued the talks on 14 January. |
| However, it said recent market developments had prompted it to approach AstraZeneca for a second time. | However, it said recent market developments had prompted it to approach AstraZeneca for a second time. |
| "AstraZeneca again declined to engage. Pfizer is currently considering its options," Pfizer said in a statement. | "AstraZeneca again declined to engage. Pfizer is currently considering its options," Pfizer said in a statement. |
| If the deal went through, it would mark the largest takeover of a UK firm by a foreign company. | |
| Pfizer said its initial offer in January was a combination of cash and shares worth £46.61 per AstraZeneca share. | |
| At the time, it represented a 30% premium to AstraZeneca's share price, although AstraZeneca's share price has since increased, closing at £40.80 on Friday. | |
| Pfizer said the deal was "a highly compelling opportunity" for AstraZeneca's shareholders. | |
| It said if the takeover went through, the combined firm would have management in both the US and the UK, but would list its shares on the New York Stock Exchange. | |
| "We have great respect for AstraZeneca and its proud heritage," said Pfizer chairman and chief executive Ian Read. | |
| Pfizer said it would only make a firm offer if AstraZeneca directors voted unanimously in favour of the deal. | |
| "The strategic, business and financial rationale for a transaction is compelling," it added. | |
| AstraZeneca's shares closed at £40.80 on Friday, giving it a valuation of around £51.5bn. |