LONDON May 20 Fidelity Worldwide Investment,
which holds around 1.2 percent of AstraZeneca has come
out in support of the drugs giant's rejection of a $118 takeover
bid by Pfizer.
In emailed comments, Fidelity's Global Chief Investment
Officer for Equities, Dominic Rossi, said he thought AstraZeneca
"did the right thing".
"I don't think that Pfizer was a suitable partner. It was
motived by tax and finance considerations," Rossi said.
Rossi's comments contrast with other shareholders, such as
Schroders, who have voiced frustration at AstraZeneca's rebuttal
of the 55 pounds per share bid.
"The Astra Board has taken a very difficult decision. They
understood in rejecting the offer they would be criticised by
some shareholders. We will now have to wait two to three years
to see whether they were right. With a little luck they could
well be," Rossi said.
(Reporting by Chris Vellacott. Editing by Simon Jessop)