June 11 Pfizer Inc's chief financial
officer on Wednesday said his company failed in its attempted
$118 billion takeover of AstraZeneca Plc because they
could not agree on the value of the British drugmaker.
Pfizer CFO Frank D'Amelio, speaking to the Goldman Sachs
annual healthcare conference outside Los Angeles, said the deal
was not consummated because of the price.
"The CFO said price was the barrier," which made some people
think a deal can still be worked out, said ISI Group analyst
AstraZeneca shares closed up 1.2 percent in London, while
Pfizer shares were little changed on the New York Stock
After being rebuffed three times by AstraZeneca, including
the final offer, Pfizer on May 26 officially abandoned its
six-month quest to buy its smaller rival. The deal would have
restored New York-based Pfizer to the status of world's biggest
Under British takeover law, AstraZeneca could reach out to
Pfizer in August or Pfizer could make renewed overtures in
November, whether it is invited back or not.
(Reporting by Ransdell Pierson; Editing by Jonathan Oatis)