Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Woodford backs Astra rebuff of Pfizer's 'final offer'

Woodford backs Astra rebuff of Pfizer's 'final offer'

Leading fund manager Neil Woodford has warned that politicians should leave the fate of corporate takeover bids to boards and shareholders, as AstraZeneca rejected Pfizer's 'final offer'.

Woodford told Sky News that he is supportive of AstraZeneca's rejection of Pfizer's £69.3 billion bid, particularly as an investor in early-stage medical research businesses. However, he warned the UK should not take a protectionist stance towards takeovers.

'It is right that the market decides,' Woodford said.

'I share the concerns about critical infrastructure of the UK's science base and jobs, because I have been an investor in early-stage medical research businesses and know that the loss of key jobs can be damaging.

'Politicians should not be deciding these things. A free market in corporate control is appropriate, because boards and shareholders should decide the destiny of the ownership of companies.'

On Monday, AstraZeneca's shares fell more than 11% to £42.81 on the news that Astra would not accept a £55 per share offer from Pfizer.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter