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AstraZeneca rejects new Pfizer proposal

UK drugs firm AstraZeneca has rejected the new takeover offer from Pfizer.

The US company had earlier raised the price it was offering for AstraZeneca to the equivalent of £50 a share, valuing the firm at £63bn.

But Astra said the new terms offered were, "inadequate, substantially undervalue AstraZeneca and are not a basis on which to engage with Pfizer".

The BBC's Business Editor Kamal Ahmed reports.

  • 02 May 2014
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