Arab Today, arab today job losses possible in astrazeneca tieup pfizer chief admits
Last Updated : GMT 11:30:55
Arab Today, arab today
Arab Today, arab today

Job losses possible in AstraZeneca tie-up, Pfizer chief admits

Arab Today, arab today

Arab Today, arab today Job losses possible in AstraZeneca tie-up, Pfizer chief admits

London - AFP

The head of US drugs giant Pfizer admitted Tuesday that jobs could be lost if it succeeds in taking over British competitor AstraZeneca in a £63-billion deal. Chief executive Ian Read also told a British parliamentary committee that the combined total of $12 billion (8.75 billion euros) currently spent by the two pharmaceuticals firms on research and development would fall. Politicians and unions have expressed concern that a takeover would lead to job cuts and damage Britain's position as a research and development hub. Pressed repeatedly on what savings Viagra maker Pfizer was planning to make in the event of a tie-up, Read admitted "there will be some job cuts somewhere". "I'm not sitting here saying that we can become more efficient without some reduction in jobs. We'll be more efficient by some reduction in jobs. What I can't tell you is how much or how many or where," he told the committee. AstraZeneca employs 6,700 people in Britain. In occasionally testy exchanges, the Pfizer boss rebuffed criticism from lawmakers that the firm was a ruthless cost-cutter and insisted it had acted with "integrity" in past takeovers. Scottish-born Read said he was "very proud" of his 35-year career at Pfizer and described it as a "company of high integrity focused on patients and delivering drugs to patients". Paul Nurse, president of the scientific body the Royal Society, has written to the committee to express his concerns that Pfizer's commitments are vague and that a five-year pledge on research and jobs is insufficient. The head of AstraZeneca told the same committee that a takeover by Pfizer could delay the production of life-saving medicines. Chief executive Pascal Soriot said the mega-merger would prove a distraction from its scientific priorities. AstraZeneca described the latest announcement outlining the US company's proposals directly to its shareholders as "opportunistic". Pfizer wants to create a new pharmaceuticals giant that will be domiciled for tax purposes in Britain. But Soriot told the Commons Business, Innovation and Skills committee that it would create "a distraction that would potentially delay some of our projects". So far, AstraZeneca has rejected Pfizer's advances, arguing the terms of the offer -- increased from a previous informal bid of $99 billion -- has "substantially" undervalued the company. On the eve of the hearing, Pfizer appealed directly to AstraZeneca shareholders, setting out the "strong strategic rationale" for the takeover. Turning up the heat, Pfizer said Tuesday that it was willing to alter the terms and structure of its cash-and-shares takeover bid, pitched at £50 per AstraZeneca share, in order to win approval from management. Last week, Pfizer faced political pressure in the United States over the potential impact of the takeover. The governors of Maryland and Delaware pressed Pfizer on Friday about the impact on jobs in their states, citing the lack of assurances. And US senator Ron Wyden called for an overhaul of the tax code to discourage deals like Pfizer is pursuing, which would allow the new company to avoid paying billions of dollars in US taxes.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today job losses possible in astrazeneca tieup pfizer chief admits Arab Today, arab today job losses possible in astrazeneca tieup pfizer chief admits

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today job losses possible in astrazeneca tieup pfizer chief admits Arab Today, arab today job losses possible in astrazeneca tieup pfizer chief admits

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday