Certainly a report by Berenberg Bank out yesterday suggests that they might be.
After the failed £70 bln take-over attempt for Astrazeneca analysts at the bank say a move by Pfizer for UK company GSK is
perhaps a stretch, but not totally unrealistic
GSK’s market capitalization has slumped to $117 billion, or just under Pfizer’s failed offer for AstraZeneca, following weak quarterly results and a warning on full-year profits last week
Pfizer, which has a market value of $183 billion, declined to be drawn this week on whether it would renew its bid for AstraZeneca, as it is allowed to do, but said it was still considering big deals.Buying a large British drug company is attractive to U.S.-based Pfizer because it would slash its tax bill by moving its tax address to Britain.
Reuters has more here
The Pound was well supported in the wake of the attempt to buy Astrazeneca but then came under pressure as the deal collapsed and traders were forced to sell out given that the expected M&A demand would not materialize.
Just a heads up then that if this story is true, or indeed Pfizer come back in for Astrazeneca, then expect the usual GBP-buying expectations/stories on the back of it. Just how much of an impact of course depending on the final cash amount needed.
