Some points about the attempted take over of AstraZeneca by American pharmaceuticals behemoth, Pfizer.

1. On Newsnight yesterday evening, Chuka Umunna made the dialectically nuanced observation that there are good takeovers and bad takeovers, regardless of the nationality of who is making the purchase. A bad takeover might be Kraft’s swallowing of Cadbury, who’ve cut jobs and plant – something barely compensated by the bringing of Egg & Spoon and Jelly Popping Candy Shell bars to market. On the other hand, take North Staffs-based BakerBus, which has recently been purchased by a Bermuda-based outfit acting as a front for a Chinese coach manufacturer. As per normal, the new company came after terms and conditions but following a spirited defence by the workplace Unite branch, not only were the attacks beaten off but workers won an inflation-busting pay rise, and a 7.5% wage rise for the lowest grades. So that takeover didn’t turn out too badly. Continue reading →