Britain Demands Stronger Commitments From Pfizer in AstraZeneca Deal
U.K. Prime Minister David Cameron has become more outspoken about the potential takeover of AstraZeneca Group Plc (NYSE:AZN), which is based in Slough, England, by American pharmaceutical giant Pfizer Inc. (NYSE:PFE), according to a Reuters report on Wednesday.
Cameron says he wants to insure that the drugmaker will invest in the country and keep jobs in Britain. He added that he’s “not satisfied,” with the commitments the company has made so far, and says that he expects Pfizer to make stronger promises to the country if they want the British government’s approval. “The commitments that have been made so far are encouraging,” Cameron said, per Reuters. “But let me be clear, I’m not satisfied. I want more. But the way to get more is to engage.”
The British government is divided regarding the potential takeover: on the one hand, Pfizer’s bid for AstraZeneca was seen as an indicator that the country’s new tax system, which was designed in part to attract investors, is succeeding. On the other hand, however, Parliament has expressed anxiety regarding the company’s commitments to keep investments in Britain; Cameron has since indicated that the government would likely support a possible intervention to hold up the deal should Pfizer’s promises fall short.