ASTRA ZENECA up 3.3% today…NO!.. It can’t be…!

ASTRA ZENECA – up 3.3% today at 4425p in a sepulchral market place – WHY? It’s a long way from £58 but…….

It may be my diseased ridden mind working overtime, but why such aggressive interest on such a nondescript day, when it should be all about the Yorkshire Oaks!

So I set about having the drains up as to why this stock was so firm tonight. Virulent rumours are permeating around the market that on 26 August, when Pfizer, could theoretically or creatively be able to bid for AZN again, either by being invited by AZN to bid (VERY unlikely in Savvas Neophytou’s view) OR by launching a bid if it’s guaranteed to be a knock-out blow. This is no more than informed but baseless gossip. It would EXTREMELY aggressive for Pfizer to adopt this stance and brave in the extreme, especially without access to accounts. However Astra did set its price tag as £58.85 so Pfizer may be able to argue if it goes there, it will be a deal… This is Judy Garland territory for me – somewhere over the rainbow, but….

Some people even think tax inversion is off the agenda! Rubbish. The US can’t even pass a budget without multiple extensions and government shutting down. So to change legislation of this nature will take years or require an act of God! This deal gets done, but it gets done in November. In Savvas Neophytou’s opinion no deal will be completed before November. However the drums are rumbling!

These are David Buik personal views

Twitter – @truemagic68

David Buik

Market Commentator

D +44 (0)20 7886 2775
Panmure Gordon & Co
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