Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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.
Your Business: Cover Star Club

Profile: How Arbuthnot Latham is future-proofing private banking

Profile: How Arbuthnot Latham is future-proofing private banking

Traditional does not have to mean sleepy and Arbuthnot Latham head of private banking Liz Bottomley has been quietly overseeing a restructure designed to ‘future-proof’ the business

Wealth Manager on Twitter