By Matt Chorley, Mailonline Political Editor David Cameron has intervened in the UK’s biggest ever takeover, warning he is 'determined' to protect British jobs as US drugs giant Pfizer stepped up its bid for AstraZeneca. Viagra maker Pfizer said it hoped the new offer of £50 a share – up 7 per cent on a bid in January – would speed up a move towards a ‘combination’ between the two drugs firms, but UK-based AstraZeneca rejected the move. The Prime Minister revealed he had sought 'assurances' from Pfizer about protecting jobs, and insisted he would not allow an 'abject surrender' of a British firm.
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US drugs giant makes new offer of £50 per share, up 7% on January bid
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Pfizer hopes the hike will speed up a move towards a 'combination' of firms
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Ministers insist they are pushing in 'hard-nosed way' to protect jobs
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But Labour warns drugs industry has 'grave reservations' about the deal
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Senior Tory Lord Heseltine calls for new rules to block foreign takeovers
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AstraZeneca employs 6,700 in the UK of more than 50,000 worldwide
Government, the @placeholder Prime Minister - to fight hard for Britain's