Pfizer drops £69bn AstraZeneca takeover bid

It said: "Following the AstraZeneca board's rejection of the proposal, Pfizer announces that it does not intend to make an offer," the BBC reports. AstraZeneca's chairman, Leif Johansson, said it would "continue building on the momentum we have already demonstrated as an independent company." AstraZeneca had fiercely resisted the bid, backed by some politicians. It rejected a final offer from Pfizer earlier this month, saying the proposal undervalued the company and its "attractive prospects". Nevertheless, in recent weeks some AstraZeneca shareholders had said they wanted the f...