Reuters - Video

EDITION: U.S. | U.K. | IN

Video

British PM's message for Pfizer

Wednesday, May 07, 2014 - 01:22

May 7 - British Prime Minister David Cameron faces pressure from lawmakers to secure binding undertakings about jobs, research and intellectual property from Pfizer on its potential takeover of AstraZeneca. (ROUGH CUT - NO REPORTER NARRATION)

▲ Hide Transcript

View Transcript

TV AND WEB RESTRICTIONS~**NONE*~ British Prime Minister David Cameron said on Wednesday (May 7) he wanted more commitments from Pfizer on its potential takeover of British pharmaceutical company AstraZeneca. Cameron also said he wanted an assessment from ministers on the bid from the New York-based company looking to complete Britain's biggest takeover by a foreign buyer. He refused to answer directly whether he wanted to apply a public interest test to the potential merger, but he said he agreed with Business Secretary Vince Cable who said on Tuesday (May 6) that Britain could apply the test. Pfizer on Wednesday sought to allay fears that its proposed $106 billion (62.44 billion pounds) takeover of AstraZeneca would deal a blow to drug research, saying the new company would bolster innovative science and speed the development of new treatments. The possible deal has raised fears that resulting cost cutting would see the loss of thousands of skilled jobs, undermining the UK's science base. AstraZeneca, Britain's second-largest drugs company, has rejected successive approaches from its larger American rival. As political opposition to the plan grew, Pfizer reiterated its commitment to the deal, posting a graphic on its website that touted the benefits of a merger. It said the combined group would be able to expand its global research, speed up the development of treatments and broaden its footprint in emerging markets. A combined Pfizer-AstraZeneca would be the world's largest pharmaceuticals business and save Pfizer billions of dollars in taxes by shifting its domicile to Britain, although it would still be run out of New York. On Tuesday, AstraZeneca laid out its defence strategy, touting its strong long-term growth potential as an independent company. (SOUNDBITE) (English) BRITISH PRIME MINISTER DAVID CAMERON, SAYING: "The commitments that have been made so far, and of course there is no offer on the table, the commitments that have been made so far are encouraging in terms of completing the Cambridge campus, making sure 20 percent of the combined company's total workforce is in the UK going forward, and it specifically mentions substantial commercial manufacturing facilities in Macclesfield. It also goes on to say that because of the patent box we've introduced, the company would look at manufacturing more in the U.K. But let me be absolutely clear - I'm not satisfied. I want more. But the way to get more is to engage, not just stand up and play party politics." (SOUNDBITE) (English) BRITISH PRIME MINISTER DAVID CAMERON, SAYING: "Well, I absolutely agree with what the Business Secretary said yesterday. But let me be clear - that the most important intervention we can make is to back British jobs, British science, British R&D, British medicines and British technology. And that is why I ask the cabinet secretary and my ministers to engage with both companies right from the start of this process and I make no apology for that because we know what happens when you don't engage, when you stand back, just say you're opposed to everything, what you get is abject surrender and no guarantees for Britain. We're fighting for British science and I just think it's a pity he's trying to play politics rather than backing the national interest." 16. MORE OF PARLIAMENT IN SESSION

British PM's message for Pfizer

Wednesday, May 07, 2014 - 01:22

Top News »

Money »

S&P falls back from record high S&P falls back from record high

5:35pm EDT - (1:35)

S&P 500 closes at new high S&P 500 closes at new high

Thu, Aug 21, 2014 - (1:24)

S&P 500 just shy of record S&P 500 just shy of record

Wed, Aug 20, 2014 - (2:23)

Apple hits $100 a share Apple hits $100 a share

Tue, Aug 19, 2014 - (2:06)

Nasdaq closes at 14-year high Nasdaq closes at 14-year high

Mon, Aug 18, 2014 - (2:23)

Putin puts Wall Street in buying mood Putin puts Wall Street in buying mood

Thu, Aug 14, 2014 - (2:10)

We've become a promotional culture-RetailMeNot's Bodge We've become a promotional...

Thu, Aug 14, 2014 - (4:39)

Dow back to positive territory for year Dow back to positive territory for year

Wed, Aug 13, 2014 - (2:18)

Markets cheer Russia's Ukraine exit Markets cheer Russia's Ukraine exit

Fri, Aug 08, 2014 - (1:50)

Russia, Iraq push Dow to three-month low Russia, Iraq push Dow to three-month low

Thu, Aug 07, 2014 - (2:27)

Wall Street gains but telecom disconnected Wall Street gains but telecom disconnected

Wed, Aug 06, 2014 - (2:28)

The Exchange »

The Exchange: Hot commodity The Exchange: Hot commodity

Wed, Jul 16, 2014 - (9:25)

The Exchange: Constitutional crusade The Exchange: Constitutional crusade

Wed, Jun 25, 2014 - (11:35)

The Exchange: The value of money The Exchange: The value of money

Mon, Jun 02, 2014 - (9:53)

The Exchange: China’s Second Continent The Exchange: China’s Second Continent

Tue, May 27, 2014 - (9:35)

The Exchange: A master of business arts The Exchange: A master of business arts

Thu, May 08, 2014 - (8:24)

The Exchange: America's bankrupt cities The Exchange: America's bankrupt cities

Mon, May 05, 2014 - (8:52)

The Exchange: Let the rocking commence The Exchange: Let the rocking commence

Tue, Apr 08, 2014 - (8:13)

The Exchange: The Moneyball fallacies The Exchange: The Moneyball fallacies

Mon, Mar 24, 2014 - (9:54)

Is doing good a good business? Is doing good a good business?

Mon, Mar 17, 2014 - (7:38)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Wed, Jul 02, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)

World Cup: Around the globe in 50 goals World Cup: Around the globe in 50 goals

Fri, Jun 06, 2014 - (1:08)

VIVID – Sydney’s spectacle of light VIVID – Sydney’s spectacle of light

Fri, May 30, 2014 - (1:37)

The week that changed Boston The week that changed Boston

Mon, Apr 14, 2014 - (3:28)