AstraZeneca 'did the right thing' rejecting Pfizer: Fidelity

By Chris VellacottReuters

Fidelity Worldwide Investment, which holds around 1.2 percent of AstraZeneca has come out in support of the drugs giant's rejection of a $118 takeover bid by Pfizer .

In emailed comments, Fidelity's Global Chief Investment Officer for Equities, Dominic Rossi, said he thought AstraZeneca "did the right thing".

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"I don't think that Pfizer was a suitable partner. It was motived by tax and finance considerations," Rossi said.

Rossi's comments contrast with other shareholders, such as Schroders, who have voiced frustration at AstraZeneca's rebuttal of the 55 pounds per share bid.

"The Astra Board has taken a very difficult decision. They understood in rejecting the offer they would be criticized by some shareholders. We will now have to wait two to three years to see whether they were right. With a little luck they could well be," Rossi said.

(Reporting by Chris Vellacott. Editing by Simon Jessop)