Pfizer Inc posted videos online on Saturday in its latest effort to win over critics of its proposed purchase of British drugmaker AstraZeneca PLC.
In four videos on Pfizer’s Web site, CEO Ian Read sought to allay concerns that the deal would lead to a loss of stature in science in the UK. He said Pfizer had expanded its research in Cambridge, Massachusetts, and envisions pursuing a similar strategy for Britain’s Cambridge, north of London, where many scientists work.
Pfizer has been trying to buy its British rival since January, but has been rebuffed three times.
AstraZeneca has said Pfizer’s latest offer of US$106 billion in cash and stock undervalues the company and that a takeover would disrupt its work on a potentially lucrative pipeline of new drugs.
The proposed deal would be the largest foreign takeover of a British company. It has drawn scrutiny from politicians on both sides of the Atlantic who fear a loss of jobs.
The deal would include Pfizer moving its official domicile — but not its corporate offices — to London. That would reduce Pfizer’s income tax rate, because US rates are considerably higher than those in the UK.
Earlier this month, Pfizer sent a letter to British Prime Minister David Cameron promising to keep at least 20 percent of the combined company’s research and development staff in the UK. The letter also called the “golden triangle of Oxford, Cambridge and London” — where the bulk of British scientific research is based — a vital component of the deal.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RISING: Strong exports, and life insurance companies’ efforts to manage currency risks indicates the NT dollar would eventually pass the 29 level, an expert said The New Taiwan dollar yesterday rallied to its strongest in three years amid inflows to the nation’s stock market and broad-based weakness in the US dollar. Exporter sales of the US currency and a repatriation of funds from local asset managers also played a role, said two traders, who asked not to be identified as they were not authorized to speak publicly. State-owned banks were seen buying the greenback yesterday, but only at a moderate scale, the traders said. The local currency gained 0.77 percent, outperforming almost all of its Asian peers, to close at NT$29.165 per US dollar in Taipei trading yesterday. The
RECORD LOW: Global firms’ increased inventories, tariff disputes not yet impacting Taiwan and new graduates not yet entering the market contributed to the decrease Taiwan’s unemployment rate last month dropped to 3.3 percent, the lowest for the month in 25 years, as strong exports and resilient domestic demand boosted hiring across various sectors, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday. After seasonal adjustments, the jobless rate eased to 3.34 percent, the best performance in 24 years, suggesting a stable labor market, although a mild increase is expected with the graduation season from this month through August, the statistics agency said. “Potential shocks from tariff disputes between the US and China have yet to affect Taiwan’s job market,” Census Department Deputy Director Tan Wen-ling
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