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AstraZeneca shares fell after reports that the company and Bristol Myers Squibb have held merger discussions over several months. Analysts described the reports as leaving them "perplexed," per the accounts.
Months of reported discussions The two companies discussed a potential combination over several months, reports said. Neither AstraZeneca nor Bristol Myers Squibb publicly confirmed the talks.
The share price reaction at AstraZeneca followed the reports' circulation. No formal offer or deal structure appeared in the accounts.
Analyst reaction The "perplexed" characterisation from analysts appeared in the reports alongside the news of the discussions. No rationale for a potential combination was cited.
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