American drugs giant Pfizer is to make a takeover bid for British rival AstraZeneca, it has been confirmed.
It would be one of the biggest pharmaceuticals deals ever, creating a new company that would be listed on the New York Stock Exchange.
The move would also be likely to mark the most expensive foreign takeover of a UK business in history.
In early morning Monday trades, AstraZeneca's shares were up more than 14%, at £46.90.
Manhattan-based Pfizer said if the deal was approved, management for the UK-arm would remain in Britain.
Last year, AstraZeneca cut hundreds of jobs in a reorganisation of its local operations.
Pfizer said initial talks in January had been rebuffed, along with a further approach last weekend.
Its initial offer valued AstraZeneca's shares at more than £46, including a premium of 30%.
The American company said the new approach would also include a premium for shareholders.
Approached by Sky News, AstraZeneca said it had no comment to make and was reviewing the statement released by Pfizer.
The pharmaceutical industry has seen a wave of large-scale mergers and acquisitions recently.
Last week, GlaxoSmithKline said it would sell its oncology business to rival Novartis for £8.5bn and in return buy the Swiss company's vaccines division.
https://uk.news.yahoo.com/pfizer-confirms-takeover-bid-astrazeneca-062302457.html
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