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AstraZeneca Plc
Pfizer abandons AstraZeneca takeover attempt after rejection
Pfizer abandons AstraZeneca takeover attempt after rejection

Pharmaceutical giant Pfizer Inc. has abandoned its effort to buy British rival AstraZeneca for $117 billion in what would have been the biggest deal ever in the drug industry. The offer represented "full value" for AstraZeneca, the New York drug maker said in a statement Monday. AstraZeneca said it welcomed "the opportunity to continue building on the momentum we have already demonstrated." Under British takeover rules, Pfizer had until Monday to make a firm offer. The regulations require a cooling-off period of at least three months before talks can restart, giving both drug makers time to figure out their next move. U.S. and British stock markets were closed...

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