M&A is messier than investors might like

M&A is messier than investors might like

The saga of Pfizer and AstraZeneca divides fund managers.

The collapse of pharmaceutical firm Pfizer’s bid for its Anglo-Swedish rival AstraZeneca triggered groans of disappointment among investors and sent the firm’s shares into a tailspin. Schroders, the twelfth largest shareholder in AstraZeneca, has called for fresh talks, while AXA and Jupiter have both criticised AstraZeneca’s decision to reject the final offer. However, other investors are backing the decision made by Astra’s management team.Neil Woodford, who is a major shareholder, said he would make more money for investors if the firm remains independent. Aberdeen Asset Management...