Fund groups clash over Astra takeover as deadline nears

AXA IM has urged AstraZeneca to reconsider its rejection of a £69bn takeover bid by Pfizer as fund managers take opposing sides in advance of an imminent deadline for discussions to begin.

Jim Stride, head of UK equities at AXA IM, said this afternoon AstraZeneca was "wrong and acted too hastily" in dismissing Pfizer's proposal, even as other fund houses supported the UK company's decision. AXA is the third largest shareholder in Astra with a 4.5% stake, though Stride's view represents only the group's investment arm, which has a 0.9% stake. It aligns AXA IM with the likes of Schroders and Jupiter, both of whom have urged Astra to re-engage with Pfizer. Legal & General, the pharmaceutical's sixth-largest investor, is of a similar opinion, according to a report in the...