Soriot should explain the curious case of AstraZeneca’s non-deal
AstraZeneca’s rumoured takeover of Bristol Myers Squibb already looked weird, and was met with a lack of enthusiasm by shareholders AstraZeneca falls to third-largest UK company amid US merger talks Hold the heartburn pills. It seems AstraZeneca is no longer contemplating a takeover of US rival Bristol Myers Squibb (BMS) to create a $400bn (£300bn) pharmaceutical colossus. On Monday, the UK firm’s shares plunged 9% on the FT’s report of preliminary talks. On Wednesday, Reuters said there are no ongoing discussions. Cue a mini-relief rally in AZ’s share price. Neither company has seen fit to tell its shareholders what was happening, so it’s impossible to know if the talks were a tentative ‘what if?’ corporate flirtation or something more substantial that has been killed, perhaps, by the lack of enthusiasm on the part of AZ’s shareholders. Continue reading…
AstraZeneca’s rumoured takeover of Bristol Myers Squibb already looked weird, and was met with a lack of enthusiasm by shareholders AstraZeneca falls to third-largest UK company amid US merger talks Hold the heartburn pills. It seems AstraZeneca is no longer contemplating a takeover of US rival Bristol Myers Squibb (BMS) to create a $400bn (£300bn) pharmaceutical colossus. On Monday, the UK firm’s shares plunged 9% on the FT’s report of preliminary talks. On Wednesday, Reuters said there are no ongoing discussions. Cue a mini-relief rally in AZ’s share price. Neither company has seen fit to tell its shareholders what was happening, so it’s impossible to know if the talks were a tentative ‘what if?’ corporate flirtation or something more substantial that has been killed, perhaps, by the lack of enthusiasm on the part of AZ’s shareholders. Continue reading…
