IoD Warns Against Politicising Potential Pfizer-AstraZeneca Deal
(Targeted News Service Via Acquire Media NewsEdge) LONDON, May 6 -- The Institute of Directors issued the following news release:
Commenting as the political debate over the possible Pfizer takeover of AstraZeneca continues, Dr Roger Barker, Director of Corporate Governance at the Institute of Directors, said:
"We do not believe that there is any case for extending the existing public interest test for takeovers. However, this is not to say that government has no part to play in establishing a world class environment for life sciences in the UK.
"It has a crucial role in ensuring that the UK's university sector remains at the leading edge of scientific research and training. It should renew its efforts to promote and nurture the financing and support of entrepreneurial and start-up activity in the sector. And it will remain instrumental in determining the fiscal and regulatory environment that will attract high value added research and development activities.
"But attempting to second guess the industrial logic of takeover decisions is not one of government's strengths, as was demonstrated throughout the 1970s at British Leyland and elsewhere. Recent proposals from Lord Heseltine and Chuka Umunna to extend the public interest test would put at risk the UK's hard won reputation as a compelling destination for inward investment from around the world.
"Over time, excessive government intervention in the market would cost far more jobs than might be saved by efforts to politicise this particular deal."
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