LWD subscriber Professor Gordon Pearson has set up a petition to the UK’s Department for Business, Innovation and Skills, demanding they refer Pfizer’s takeover of AstraZeneca to the Competition and Markets Authority for clearance. You are invited to the debate
The takeover of AstraZeneca would be destructive of competition, lead to further abuse of the NHS and of public health, result in massive tax avoidance in UK and the US as well as damaging the national interest in terms of high quality jobs, research and science. The mechanisms for preventing such a damaging takeover are in place but are being ignored. The Competition and Markets Authority was set up by this government with the prime duty “to promote competition, both within and outside the UK, for the benefit of consumers.” Referring the deal to the CMA should be the very first step for the government to take.
If you agree with this analysis, you can sign the petition though this link.
The debate is already raging in the UK. The leaders of Pfizer and of AstraZeneca, and Vince Cable are due to appear before a parliamentary committee as this post is being prepared.
Questions for Ian Read, chief executive of Pfizer
1 How can you guarantee this takeover will not jeopardise Britain’s position in scientific research and development?
2 Are you doing this primarily to avoid a multimillion dollar tax bill in the US?
3 On what grounds would you go hostile?
The proposed £63bn takeover is in the “friendly” stage. AstraZeneca has turned down three approaches and under British takeover rules Pfizer must put in a formal offer by 26 May.
Questions for Pascal Soriot, chief executive of AstraZeneca
1 What reassurances can you give that British R&D will continue to prosper under a stand-alone AstraZeneca?
2 If you survive this bid, what assurances can you give us that you won’t fall prey to another takeover in the future?
3 You have repeatedly rejected Pfizer’s offers and said you want to remain an independent company, yet you have asked the government not to intervene to protect you. Why?
Questions for Vince Cable, business secretary
1 How are you going to ensure this does not become another Cadbury-Kraft fiasco?
2 Is the coalition split on how to react to the deal?
3 Does the government have the legal right to intervene?
Your comments and views (whether you agree or disagree) will be welcomed by other subscribers to Leaders we deserve.