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MPs to probe Pfizer bid for AstraZeneca MPs to probe Pfizer bid for AstraZeneca
(35 minutes later)
The Business Select Committee is to probe the planned takeover of AstraZeneca by Pfizer.The Business Select Committee is to probe the planned takeover of AstraZeneca by Pfizer.
The committee will summon the bosses of both companies to answer questions at the hearing.The committee will summon the bosses of both companies to answer questions at the hearing.
The hearing is likely to happen "quite soon" and possibly within the next week, the BBC has learned.The hearing is likely to happen "quite soon" and possibly within the next week, the BBC has learned.
The science and technology committee is also planning a hearing over the deal and wants to hear from bosses.The science and technology committee is also planning a hearing over the deal and wants to hear from bosses.
Science and technology committee chair Andrew Miller said that there was "serious concern - to say the least" about the proposed takeover.Science and technology committee chair Andrew Miller said that there was "serious concern - to say the least" about the proposed takeover.
Mr Miller confirmed he would be urging his committee to call senior executives from both companies.Mr Miller confirmed he would be urging his committee to call senior executives from both companies.
Pressure is mounting from UK politicians over the proposed takeover.
Labour leader Ed Miliband has called for an inquiry into the proposal.
"We need a proper, independent assessment of whether this [deal] is in our national interest," Mr Miliband told the BBC.
No 10 denied Labour claims it is acting as a "cheerleader" for the deal, saying it is fighting for British jobs and British science.
AstraZeneca has rejected two multi-billion dollar offers from Pfizer.AstraZeneca has rejected two multi-billion dollar offers from Pfizer.
Last week Pfizer made an offer which valued AstraZeneca at £63bn, a rise on its initial offer of almost £59bn.Last week Pfizer made an offer which valued AstraZeneca at £63bn, a rise on its initial offer of almost £59bn.
AstraZeneca's management team is holding a presentation for investors and analysts on Tuesday to promote its own achievements and to demonstrate the firm's "excellent growth prospects".AstraZeneca's management team is holding a presentation for investors and analysts on Tuesday to promote its own achievements and to demonstrate the firm's "excellent growth prospects".
In a shareholder update on Tuesday it forecast annual revenues of greater than $45bn (£26.6bn) by 2023. The company had revenues of $25.7bn in 2013.In a shareholder update on Tuesday it forecast annual revenues of greater than $45bn (£26.6bn) by 2023. The company had revenues of $25.7bn in 2013.