Published at 05:29 (GMT) 21 Apr
Telegraph: British drug group AstraZeneca said to have rebuffed approach from America's Pfizer that would create £150bn behemoth.
British pharmaceuticals group AstraZeneca has received a preliminary approach from US peer Pfizer about a potential deal that could create an industry giant worth more than £150bn.
Talks are said to have taken place between Pfizer and Astra about a possible £60bn acquisition of the FTSE 100-listed company - though it is unclear whether the discussions are still live. Any deal between Pfizer, which makes anti-impotence drug Viagra and is valued at $193bn (£115bn), and Astra would create one the world's top 10 companies by market value. Astra, whose shares closed up 23 at £37.81½ on Thur, has a mkt cap of £47.7bn.
On FX, focus on the above pharma talks - though unclear whether it is still "live" as reported above. But could nevertheless see support for GBP/USD. GBP/USD at 1.6799-02, focus on 4-year 6-month highs of 1.6840-43, highest since November 2009. Eye any UK/US Pharma giants, corporate demand and speculators, Asian real money demand. Bids at 1.6750-60, offers 1.6810-20, weak stops above 1.6820-25. Then above 1.6850. Thin markets with most of Europe/UK away on Easter Monday.
EUR/GBP at 0.8222-25, eye break of 0.8200, given speculation of M+A demand, less hawkish BoE vs still dovish ECB. Offers 0.8240-50. WL
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