Pfizer CEO Makes AstraZeneca Case to Parliament

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May 13 (Bloomberg) -- Pfizer Chief Executive Officer Ian Read refused to be pinned down on his commitment to preserve jobs in the U.K. as skeptical lawmakers grilled him about the company’s unsolicited offer for AstraZeneca. Bloomberg’s Hans Nichols reports on Bloomberg Television’s “Bloomberg Surveillance.” (Source: Bloomberg)

Pond.

Hans nichols joins us from london.

Hans, we knew that the stakes were high and that lawmakers are not happy.

They're worried about jobs and guarantees.

What happened when mr.

Reid actually went into parliament?

Corrects well, he was facing a hostile audience from the very beginning, a skeptical audience, adam and tom.

It is a general sign that your hearing it not going off well at the chair of the hearing starts off by calling you a shark that needs to be fed, a leopard, or a praying mantis.

All three pejoratives thrown up in ahead of this committee, who by a court of the system, guy, is a labor mp.

Labor is tried to stop us from going through.

They're using this as a political issue.

Pfizer's bid for taking over astrazeneca has suffered numerous setbacks today.

The question is, did they suffer any corporate or business contracts.

Politically, and rhetorically, pfizer had a difficult morning here in london.

Hans, we understand that jobs are front and center.

What about some of the other questions, like pfizer moving to london for tax purposes or effectively the u.k. losing its crown jewel of drug development, what about those issues?

I finally get to shop my latin here.

What we're essentially trying to get at is the state of mind inside of pfizer.

What parliamentarians here are rationing is their intent.

Is the intent actually to use this as a tax haven and have a lower effective tax rate, or is their intent to invest and create jobs.

? is that just because you want the lower effective tax rate?

He's been defending himself with one hand tied behind his back.

He can't give away too much of the strategy, otherwise he would drive up the price of astrazeneca.

He incredibly difficult day for ian read here in front of parliament.

I'm not sure he had any converts.

Will anything come out of this hearing that would convince you to want to buy shares of pfizer?

Know, we are actually astrazeneca holders.

We think that now may be a good time to lighten up on astrazeneca, simply because it seems to be a huge headwind of resentment.

For free-market britain, we are troubled.

Let me go to the money question.

How does this differ from what ge did in paris?

Ge was in contact with the government -- with alstom the whole time.

Ge and aklstom want this arrangement.

It is pretty obvious that astrazeneca does not want this to happen.

It has been a remarkable morning here, i have to tell you.

Can you give us a more latin?

Caveat emptor.

Hahaha.

This is really just a play for the tax benefits here in the u.k.. the headquarters in the u.k., operational in the u.s.. if that is the case, when you're buying a drug company, you're buying a future and its research.

You're buying more than just the text property.

It is always a bet, right?

That is why your cohost is always looking at what kind of drugs people have in the pipeline.

No one knows where the next wonder drug is going to be.

Margin for the drugs his lower.

You have to read and phrases out of me, tom.

Well done, hans nichols.

E pluribus unum.

This text has been automatically generated. It may not be 100% accurate.

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