Zeneca springs a surprise as it proposes marriage to Astra
15 Jan 2000
ICI's former stable-mate, Zeneca, also managed to spring a surprise. Followers of the company have long been used to the usually urbane chairman David Barnes wearily asserting that his company would continue to go it alone. The announcement just before Christmas of a merger with Sweden's AB Astra was definitely unexpected.
`This is neither a forced nor arranged marriage,' Barnes insisted as the companies announced their intentions. `It reflects the fit between our companies. The merged AstraZeneca will be the third largest drugs company in the world and the second largest in Europe after Glaxo Wellcome, with annual sales of some $10billion (£6.25billion). It will also hold leading positions in the gastrointestinal drugs and anaesthetics fields.
