Pfizer CEO Says Job Losses Inevitable with Potential Astrazeneca Merger and AT&T may Buy DirecTV for close to $50B
Pfizer Inc. (NYSE: PFE) CEO Ian Read has acknowledged that in part of a $106 billion take over bid of AstraZeneca, the potential merger would lead to job losses. Read has promised however to keep key research jobs in Britain. No specifics were given on where the cuts may take place. He told skeptical lawmakers that the company would still keep 20% of its global research and development workforce in the U.K. "There will be some job cuts somewhere, that's part of being more efficient," he said. "Whereabouts in the world I cannot say."
Pfizer Inc., a biopharmaceutical company, discovers, develops, manufactures, and sells healthcare products worldwide. Its product portfolio includes medicines and vaccines, as well as various consumer healthcare products. The companys Primary Care segment offers prescription pharmaceutical products primarily prescribed by primary-care physicians for various therapeutic and disease areas comprising Alzheimer's disease, cardiovascular, erectile dysfunction, genitourinary, major depressive disorder, pain, respiratory, and smoking cessation.
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AT&T, Inc. (NYSE: T) is in discussions to buy satellite TV provider DirecTV for up to $50 billion. The deal could be complete in the next few weeks. The offer is being discussed in the low to mid $90's per share for DirecTV, according to a source. Both AT&T and DirecTV declined to comment. Bloomberg News had recently reported that AT&T was offering to pay around $100 per share for DirecTV. The Wall Street Journal has also said a deal could happen in two weeks. A nearly $95 bid would value DirecTV at more than $48 billion based on how many shares the company has outstanding.
AT&T Inc. provides telecommunications services to consumers and businesses in the United States and internationally. Its Wireless segment offers various wireless voice, data, text, and other services, including local wireless communications services, long-distance services, and roaming services. This segment also sells various handsets, wirelessly enabled computers, and personal computer wireless data cards through its owned stores, agents, or third-party retail stores; and accessories comprising carrying cases, hands-free devices, batteries, battery chargers, and other items to consumers, as well as to agents and third-party distributors.
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