Arab Today, arab today job losses possible in astrazeneca tieup pfizer chief admits
Last Updated : GMT 06:51:55
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

 



Arab Today, arab today

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 France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today Sally Shaheen considers hosting a political show
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
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