Report: Pfizer tentatively offers to acquire AstraZeneca for £60B+

|About: AstraZeneca Group plc (AZN)|By:, SA News Editor

Pfizer (PFE) has tentatively approached AstraZeneca (AZN) about acquiring the British-Swedish company in a deal worth over £60B ($100.7B), the U.K's Sunday Times reports. The figure is well above AstraZeneca's market cap of £47.7B.

AstraZeneca has turned the offer down, although Pfizer could make a fresh proposal. A deal would be the largest ever foreign takeover of a British company.

Pfizer is looking to do something with a $70B cash pile that it has accumulated overseas; repatriating the money to the U.S. so it could be distributed to shareholders would land the company with a massive tax bill.