I cannot imagine what his "people" were telling him -- unless this really is his own personal form of tax protest -- a ruse -- and not much more (as I've speculated recently, and repeatedly). These sorts of firestorms were patently obvious to arise, given the awful, ham-handed approach Pfizer's executives have taken to the purported transaction. AZ should -- and will -- continue to just say no. Very safely, too from a legal point of view. Here's a bit -- do go read it all:
. . . .Pfizer's record of job cuts after acquisitions is now drawing heat from both sides of the Atlantic. U.S. and state politicians yesterday joined their U.K. counterparts in questioning the economic impact of the drugmaker’s push to buy AstraZeneca Plc.
Maryland Governor Martin O’Malley and Delaware Governor Jack Markell said they fear the deal will lead to job losses in their states in a letter to Pfizer Chief Executive Officer Ian Read. The letter was released hours after Senator Carl Levin said he is writing legislation to block U.S. companies from shifting their legal addresses overseas to avoid U.S. taxes, a move Pfizer has proposed as part of the transaction.
The U.S. backlash follows Read’s commitment to U.K. officials that Pfizer would keep at least 20 percent of the combined company’s R&D workers and substantial manufacturing plants in the U.K. for at least five years. The governors wrote that they want some assurances as well. . . .
Democrats in the U.S. Senate yesterday said they may push legislation that would block companies from shifting their legal addresses overseas to reduce their tax bills. Levin, a Democrat from Michigan, was joined by Senate Finance Chairman Ron Wyden in questioning the ability of companies to redomicile abroad in order to avoid U.S. taxes. . . .
What on Earth is he thinking? Is this some goofy form of a mini-titan's tax protest, in the US -- soley? If so, "hubris goes before the fall. . . ."
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