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Pfizer contacts AstraZeneca over takeover bid

28 April 2014 Last updated at 09:46 BST

US drugs giant Pfizer has confirmed it has contacted AstraZeneca over a possible multi-billion pound takeover.

Pfizer said it made an initial approach in January, but after "limited high-level discussions" AstraZeneca discontinued the talks on 14 January.

It said recent market developments had prompted it to approach AstraZeneca for a second time.

If successful, it would be one of the biggest deals in UK corporate history.

The BBC's Business Editor, Kamal Ahmed reports.