Cable gets some M&A support from Pfizer bid for Astrazeneca

As you’ve probably all read by now there is much talk out there of US pharms giant Pfizer making a bid for UK’s AstraZeneca and they have now confirmed they’re interested still

This would have net positive impact on GBPUSD but final cash requirement unknown

If the deal went through, it would mark the largest takeover of a UK firm by a foreign company. In January Pfizer said its initial offer was a combination of cash and shares worth £46.61 per AstraZeneca share.At the time, it represented a 30% premium to AstraZeneca’s share price, although AstraZeneca’s share price has since increased, closing at £40.80 on Friday giving it a valuation of around £51.5bn.

Anyhow much chatter out there of potential impact and we’ve just seen an early move on GBPUSD from 1.6792 to 1.6822 in a rush. Offers at 1.6835 through to 1.6850 with stops above

Possibly unrelated but keep the M&A news in mind.

EURGBP chewing through bids at 0.8220. Large support/bids at 0.8200 still