Comment: Takeover Tension in the UK and France; US Sanctions Against Further Russian Individuals
April 28, 2014 9:09 am
US pharmaceutical giant Pfizer has indicated continued interest in taking over UK’s AstraZeneca. An initial approach in January to the AstraZeneca board was declined; Pfizer are now considering whether to appeal directly to the UK company’s shareholders. Shares of AstraZeneca were up 15% this morning as a result of these revelations, and Pfizer has stated that a joint company would be based in the US but would be tax-domiciled in the UK, news which will doubtless be greeted enthusiastically by the UK Exchequer.
In other takeover news, French President Francois Hollande is due to meet with both General Electric and Siemens today, as the US and German companies vie to take over French energy and transport titan Alstom. Mr Hollande will be looking to alleviate French concerns over jobs and energy interests.
In the US, President Obama has announced further sanctions against specific Russian citizens and companies, enlarging the current list. However, there has been no move by the US at this time to implement wider-ranging sanctions which would affect the Russian economy as a whole.
Moving on to the current earnings season, Japanese electronics firm Panasonic has posted its first profits in three years, especially comforting news after a disastrous 2013 for the company. In Chinese financial news, the IMF has raised its economic growth outlook for the People’s Republic to 7.5%, up 0.3% from previous predictions.
US pharmaceutical giant Pfizer has indicated continued interest in taking over UK’s AstraZeneca. An initial approach in January to the AstraZeneca board was declined; Pfizer are now considering whether to appeal directly to the UK company’s shareholders. Shares of AstraZeneca were up 15% this morning as a result of these revelations, and Pfizer has stated that a joint company would be based in the US but would be tax-domiciled in the UK, news which will doubtless be greeted enthusiastically by the UK Exchequer.
In other takeover news, French President Francois Hollande is due to meet with both General Electric and Siemens today, as the US and German companies vie to take over French energy and transport titan Alstom. Mr Hollande will be looking to alleviate French concerns over jobs and energy interests.
In the US, President Obama has announced further sanctions against specific Russian citizens and companies, enlarging the current list. However, there has been no move by the US at this time to implement wider-ranging sanctions which would affect the Russian economy as a whole.
Moving on to the current earnings season, Japanese electronics firm Panasonic has posted its first profits in three years, especially comforting news after a disastrous 2013 for the company.
In Chinese financial news, the IMF has raised its economic growth outlook for the People’s Republic to 7.5%, up 0.3% from previous predictions.
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