Pfizer reveals AstraZeneca bid

%VIRTUAL-SkimlinksPromo%Drugs giant Pfizer has disclosed details of a £59 billion approach for UK rival AstraZeneca in what would be the biggest foreign takeover of a British firm.

Astra has spurned two advances from the Viagra maker since January but the American company said it remained "confident a combination is capable of being consummated", as it lifted the lid on the deal talks following a week of speculation.