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Clare Moody's concerns for AstraZeneca take over bid

 

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Clare Moody, Labour’s lead Euro candidate for the South West has written to Jack Lopresti MP about the proposed takeover of AstraZeneca by Pfizer. AstraZeneca have a site on the Severn Road in Bristol that employs approximately 250 people.

The full text of the letter is below:

Jack Lopresti MP
House of Commons
London
SW1A 1AA

Monday 5th May 2014

Dear Jack,

I'm writing regarding the ongoing bid for AstraZeneca by Pfizer

As Ed Miliband has said in his letter to the Prime Minister the bid raises serious questions about a key sector of our economy.  But the potential impact of any takeover on the local economy must also be considered.

Pfizer's bid for AstraZeneca affects not only one of the UK's most significant investors in R&D but also a major employer in Filton and Bradley Stoke.

The impression created in recent days has been of a Government cheerleading for the deal on the basis of a short letter with inadequate assurances.  The people of Filton and Bradley Stoke, many of whom will be concerned about the future of AstraZeneca, deserve better.  While takeovers are an essential part of a functioning economy it is certainly the case that too often in recent years major takeovers have failed to deliver the promised benefits.

I am therefore writing to ask you to make clear where you stand on the bid, and whether you think, as it currently stands, it is a good deal for Filton and Bradley Stoke and the UK as a whole.

I am also asking you to back the call from Labour leader Ed Miliband for a more substantive assessment of whether this takeover is in the national economic interest, before the UK government allows itself to be seen to support it.  Such an assessment can only be in the interests of the people of Filton and Bradley Stoke and the wider UK economy.

Regards

Clare Moody
Labour European Parliamentary Candidate

Ends

Note:

1.    AstraZeneca’s site in Filton and Bradley Stoke constituency is Avlon, Astrazeneca, Avlon Works, Severn Road, Hallen, Bristol, BS10 7ZE

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