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| Pfizer raises AstraZeneca bid | Pfizer raises AstraZeneca bid |
| (35 minutes later) | |
| US drugs giant Pfizer has raised the price it is offering for UK firm AstraZeneca to £50 a share, valuing the firm at £63bn. | |
| Pfizer's initial offer in January was a combination of cash and shares worth £46.61 per AstraZeneca share, which was rejected by the UK firm. | Pfizer's initial offer in January was a combination of cash and shares worth £46.61 per AstraZeneca share, which was rejected by the UK firm. |
| The takeover would be the biggest of a UK company by a foreign firm. | |
| Pfizer also sent a letter to Prime Minister David Cameron to try to address concerns over the bid. | |
| There have been worries that a takeover of AstraZeneca could affect the number of skilled jobs in the UK, where Astra employs about 6,700 people. | |
| Pfizer told Mr Cameron it would go ahead with Astra's planned research and development (R&D) base in Cambridge, and retain its Macclesfield manufacturing facilities. | |
| Pfizer also pledged that if the deal went ahead, 20% of the combined company's R&D workforce would be based in the UK. | Pfizer also pledged that if the deal went ahead, 20% of the combined company's R&D workforce would be based in the UK. |
| 'Compelling rationale' | 'Compelling rationale' |
| AstraZeneca confirmed on Monday that Pfizer had made a takeover approach for the company, and that the board would review Pfizer's revised offer. | |
| However, Astra said the original offer "significantly undervalued" the firm, which employs more than 51,000 staff. | However, Astra said the original offer "significantly undervalued" the firm, which employs more than 51,000 staff. |
| In its latest offer, Pfizer chairman and chief executive Ian Read said: "We have seen significant positive market reaction to the announcement we made on April 28, including from the shareholders of both our companies. | In its latest offer, Pfizer chairman and chief executive Ian Read said: "We have seen significant positive market reaction to the announcement we made on April 28, including from the shareholders of both our companies. |
| "The consistent message we have heard reinforces our belief that there is a highly compelling strategic, business and financial rationale for combining our businesses, with significant benefits for shareholders and stakeholders of both companies. | "The consistent message we have heard reinforces our belief that there is a highly compelling strategic, business and financial rationale for combining our businesses, with significant benefits for shareholders and stakeholders of both companies. |
| "We believe our proposal is responsive to the views of AstraZeneca shareholders and provides a sound basis upon which to arrive at recommendable terms for the combination of our two companies." | "We believe our proposal is responsive to the views of AstraZeneca shareholders and provides a sound basis upon which to arrive at recommendable terms for the combination of our two companies." |
| Pfizer said it wanted to establish its corporate and tax residence in the UK, as well as its European headquarters. | |
| Pfizer - whose drugs include Viagra - has a global workforce of more than 70,000, with 2,500 in the UK. |