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MPs to probe Pfizer bid for AstraZeneca Astra ex-boss fears Pfizer will be a 'praying mantis'
(35 minutes later)
The Business Select Committee is to probe the planned takeover of AstraZeneca by Pfizer. The former chief executive of AstraZeneca has attacked the attempted takeover of the UK pharmaceuticals firm by its US rival Pfizer.
The committee will summon the bosses of both companies to answer questions at the hearing. Sir David Barnes was chief executive of AstraZeneca until 2000 and deputy chairman until 2002.
The hearing is likely to happen "quite soon" and possibly within the next week, the BBC has learned. He told the BBC's business editor Kamal Ahmed he feared Pfizer would act like a "praying mantis" and "suck the lifeblood" out of AstraZeneca.
Pfizer offered £63bn for the UK pharmaceutical giant on Friday.
The offer - the second Pfizer has made for AstraZeneca - was immediately rejected by the board of the UK pharmaceutical firm, which said Pfizer continued to "significantly undervalue" the company.
It comes as MPs are to probe the planned takeover of AstraZeneca by Pfizer.
Two parliamentary select committees - the Business Select Committee and the Science and Technology committee - have said they intend summon the bosses of both companies to answer questions at the hearing.
The Business committee 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.
The committee "wants a lot more information" about the effect of the deal on UK science and intellectual property, he said.The committee "wants a lot more information" about the effect of the deal on UK science and intellectual property, he said.
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.Pressure is mounting from UK politicians over the proposed takeover.
Labour leader Ed Miliband has called for an inquiry into the proposal.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."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.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.