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5 Reasons Why Pfizer's AstraZeneca Takeover Plans Should Worry You

5 Reasons Why Pfizer's AstraZeneca Takeover Plans Should Worry You
Asa Bennett
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The Pfizer Inc. company logo, right, and the AstraZeneca Plc company logo, are seen on boxes of pharmaceutical products produced by the drug makers in this arranged photograph taken in London, U.K., on Friday, May 2, 2014. AstraZeneca Plc rejected Pfizer Inc.'s sweetened takeover proposal, saying the 63.1 billion-pound ($106.5 billion) offer fails to recognize the value of the promising experimental medicines under development by the U.K.'s second-biggest drugmaker. Photographer: Chris Ratcliffe
Bloomberg via Getty Images

Pfizer's interest in taking over AstraZeneca has left politicians up in arms as they fret about what the US drugs giant could do once it has gobbled up its UK-based rival, in what would be the largest foreign takeover yet of a British company.

AstraZeneca has twice rebuffed offers from Pfizer so far, which has tried to offer in excess of £63 billion, arguing that it has been substantially undervalued. But the US drugs giant is still keen, even hinting at a hostile takeover bid.

Britain's politicians have clashed over the US drug giant, which brought Viagra to the world, and its takeover plans. Prime minister David Cameron and deputy Nick Clegg have demanded that Pfizer make "binding" pledges to keep investing in Britain and not to cut jobs and close factories, as critics warn that they have done before as part of previous takeovers.

Business secretary Vince Cable has indicated that he was open to scuppering the deal with a public interest test, while his shadow Chuka Umunna has warned that any promises by Pfizer are "not worth the paper they are written on".

Why the concern? HuffPostUK has rounded up five controversial Pfizer takeovers and decisions that show the risk of Pfizer gobbling up AstraZeneca.

5 reasons people are worried about Pfizer and AstraZeneca
Hundreds of job cuts after taking over Warner Lambert(01 of05)
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Pfizer snapped up Warner-Lambert in 2000, makers of the anti-cholesterol drug Lipitor, in a deal worth around $111.8 billion, making it the world's second biggest phamaceutical firm. Soon after, it was announced that hundreds of workers would lose their jobs, equating to 10% of the combined workforce. (credit:(Photo by Chris Hondros/Getty Images))
And again at Pharmacia (02 of05)
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Pfizer acquired Pharmacia, securing drugs like the painkiller Celebrex, in a $60 billion deal back in 2002.After the merger, a site in Redwood City, California, was swiftly shut - with the loss of over 300 jobs. In 2008, 275 job cuts were announced at the Kalamazoo manufacturing facility.
And yet more losses when they bought Wyeth(03 of05)
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Pfizer paid $68bn for Wyeth, the US maker of Effexor, an antidepressant, and Prevnar, a child meningitis vaccine in 2009.The US drug giant then unveiled nearly 13,000 job cuts in the first year after the process and the closure of eight factories. By the end of 2013, 33,500 jobs had been cut. (credit:Photo by Mario Tama/Getty Images)
And more job losses after buying King Pharmaceuticals(04 of05)
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After buying pain-drug maker King Pharmaceuticals for $3.6 billion in 2010, Pfizer confirmed eight months later that it’s cutting 130 manufacturing and 16 logistics positions at its plant in Bristol, Tennessee. Not the biggest number, but a major blow in a town of roughly 26,000 people.
Pfizer's record in the UK is hardly any better(05 of05)
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The drugs giant sold its research and development facility in Kent to a private consortium in 2012, resulting in 1,500 jobs being lost. (credit:Gareth Fuller/PA Archive)
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