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I'm not satisfied with Pfizer's bid for AstraZeneca, says David Cameron I'm not satisfied with Pfizer's bid for AstraZeneca, says David Cameron
(about 1 hour later)
David Cameron has told MPs he wants Pfizer to improve its bid for AstraZeneca with more commitments around jobs, investment and science, but government officials were reluctant to set out details of the fresh assurances being sought.David Cameron has told MPs he wants Pfizer to improve its bid for AstraZeneca with more commitments around jobs, investment and science, but government officials were reluctant to set out details of the fresh assurances being sought.
The prime minister was pushed on the issue by Ed Miliband at prime minister's questions on Wednesday, with the Labour leader repeating his claim that Cameron has been "cheerleading for this bid, not championing British science and British industry".The prime minister was pushed on the issue by Ed Miliband at prime minister's questions on Wednesday, with the Labour leader repeating his claim that Cameron has been "cheerleading for this bid, not championing British science and British industry".
Cameron hit back: "Our entire approach is based on trying to secure the best possible deal in terms of jobs, investment and science. And that is why I believe it was absolutely right to ask the cabinet secretary to engage with Pfizer, just as we're engaging with AstraZeneca, and I do find it extraordinary that we've been criticised for this."Cameron hit back: "Our entire approach is based on trying to secure the best possible deal in terms of jobs, investment and science. And that is why I believe it was absolutely right to ask the cabinet secretary to engage with Pfizer, just as we're engaging with AstraZeneca, and I do find it extraordinary that we've been criticised for this."
The prime minister said the commitments that had been made so far were encouraging. But he added: "Let me be absolutely clear: I'm not satisfied; I want more. But the way to get more is to engage, not to stand up and play party politics. The more we can do to strengthen the assurances the better."The prime minister said the commitments that had been made so far were encouraging. But he added: "Let me be absolutely clear: I'm not satisfied; I want more. But the way to get more is to engage, not to stand up and play party politics. The more we can do to strengthen the assurances the better."
The news comes after the business secretary, Vince Cable, refused to rule out putting the US drugs firm's takeover bid for AstraZeneca to a public interest test.The news comes after the business secretary, Vince Cable, refused to rule out putting the US drugs firm's takeover bid for AstraZeneca to a public interest test.
Miliband called on the government to amend the Enterprise Act to allow the government to assess the bid independently, and if necessary block a Pfizer takeover, saying his MPs would support Cameron if he did so. Miliband called on the government to amend the Enterprise Act to allow the government to assess the bid independently and if necessary block a Pfizer takeover, saying his MPs would support Cameron if he did so.
At present the Enterprise Act only allows ministers to intervene in the case of mergers affecting national security or media ownership. At present the Enterprise Act only allows ministers to intervene in the case of mergers affecting national security or media ownership. Labour claimed this adjustment to the act could be made without requiring primary legislation.
Labour claimed this adjustment to the act could be made without requiring primary legislation.
Challenging the prime minister, the Labour leader said: "Is he ruling out or ruling in using the public interest test on this takeover? We could make it happen. If he does not take action now and the bid goes through without a proper assessment, everyone will know that he was cheerleading for this bid and not championing British science and British industry."Challenging the prime minister, the Labour leader said: "Is he ruling out or ruling in using the public interest test on this takeover? We could make it happen. If he does not take action now and the bid goes through without a proper assessment, everyone will know that he was cheerleading for this bid and not championing British science and British industry."
Miliband said: "The deal will have an impact for decades to come on British jobs, British investment, British exports and British science."Miliband said: "The deal will have an impact for decades to come on British jobs, British investment, British exports and British science."
The shadow business secretary, Chuka Umunna, also asked If the prime minister was not cheerleading for Pfizer, why did the chair of AstraZeneca have to ask that he adopt a position of neutrality on the bid?The shadow business secretary, Chuka Umunna, also asked If the prime minister was not cheerleading for Pfizer, why did the chair of AstraZeneca have to ask that he adopt a position of neutrality on the bid?
The Treasury hit back saying the first contact between either company concerning the bid came when George Osborne contacted AstraZeneca. Cameron also pointed out that it had been the last Labour government that had narrowed the terms of the Enterprise Act, adding that he would never take lectures from people who had wrecked the economy. The Treasury hit back saying the first contact between either company concerning the bid came when George Osborne contacted AstraZeneca.
Cameron also pointed out that it had been the last Labour government that had narrowed the terms of the Enterprise Act, adding that he would never take lectures from people who had wrecked the economy.