Back in six months? Pfizer officially withdraws AstraZeneca bid

US pharmaceutical giant Pfizer has abandoned its plans to buy AstraZeneca following an unsuccessful pursuit of its UK rival.

Having attempted talks earlier in the year, on 18 May the US group made a final proposal to buy Astra for £69bn, translating to £55 per share. However, the UK group has resisted the approach, saying it undervalued the business and threatened jobs in the UK, as a number of UK politicians got involved in the process. Yesterday, Pfizer withdrew its final offer, after weeks of bargaining, in accordance with UK takeover rules which required talks begin by 5pm on 26 May. The US group must now walk away from the deal for six months, and yesterday rejected Astra's claim its offer did not r...