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London - Britain's opposition Labour party called on Sunday for an inquiry into a potential takeover of British firm AstraZeneca by US drugmaker Pfizer, accusing the government of "cheerleading" for a deal.
AstraZeneca on Friday rejected a $106bn bid from Pfizer, but the US firm was expected to pursue its efforts to acquire Britain's second largest pharmaceutical company.
"We need a more substantive assessment of whether this takeover is in the national economic interest before the UK government allows itself to be seen to be supporting it," Labour leader Ed Miliband said in a letter to Prime Minister David Cameron.
While the government has talked with both AstraZeneca and Pfizer, it has said it has no intention of intervening in the deal and considers it a matter for the companies' boards and shareholders.
Rhetoric
But a year away from a national election, which polls show Labour would win if the vote were held now, Miliband's comments emphasise the high political, as well as financial, stakes.
Party leaders want to be seen protecting Britain's interests while avoiding nationalistic rhetoric that may spook other future overseas investment.
Ministers from the current two-party coalition have been pressing Pfizer over jobs and continued investment in research and development facilities in Britain.
Environment
Cameron's office said on Friday he was considering assurances from Pfizer chief executive Ian Read.
The centre-right Conservative party has cast the potential takeover as a success for finance minister George Osborne in attracting foreign companies to Britain by creating a favourable tax and regulatory environment.
Last year Labour wiped billions off the share values of energy firms by announcing that it would freeze electricity prices for 20 months if it won power and has since launched similar campaigns to shake up the banking and water industries.
