The asset management firm has backed the board’s decision not to recommend the £55 per share proposal but reports indicate that it considers it high enough to warrant further talks with the US drug maker following the mandatory three month break period that will commence on 26 May.
Even if talks were to resume, an offer could not be made for six months from that date however.
BlackRock owns 5.3% of AstraZeneca, putting it at the top of the list and meaning its words will weigh heavily on the board.
Another significant investor has also gone public with its position on the matter, adding to the likes of Schroders , Aberdeen Asset Management and M&G.
“AXA Investment Managers UK, acting in accordance with its fiduciary duty to clients, has met with the management teams of Pfizer and AstraZeneca in the recent past,” said Jim Stride, head of UK equities. “It is the view of AXA IM UK that the board of AstraZeneca should not prevent an offer from Pfizer of £55 per share from being put to the shareholders of the company.
He also said AXA’s view is that any shareholders will find £55 an attractive offer and he believes that the board was arguably wrong and too hasty to dismiss the proposal.
AXA holds 0.89% of AstraZeneca shares.
