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In the papers - Pfizer, oil stocks, Heathrow Airport and Deliveroo

Published: 01:52 24 Nov 2015 EST

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Unsurprisingly, the Times leads with news Pfizer is to take over its Dublin-based rival Allergan in a record-breaking $160 billion deal that will create the world’s largest drugmaker and allow the company to slash its US tax bill by moving to Ireland in the biggest tax inversion merger to date.

The deal comes in a bumper year for mergers and acquisitions, as companies, particularly in the healthcare sector, seek economies of scale and new engines for growth.

Elsewhere the paper reports that British Airways owner IAG boss Wille Walsh has said Heathrow airport charges too much.

Walsh has launched a fresh attack on Britain’s “rip-off” airports yesterday, warning that a third runway at Heathrow would turn it into an expensive white elephant.

Elsewhere, a leading Royal Dutch Shell shareholder has urged it to consider renegotiating the terms of its £43 billion takeover of BG Group, reports the newspaper.

Restaurant home delivery app Deliveroo raises $100m investment from DST Global and Greenoaks Capital as it looks to expand in Asia and Australia, writes CITY AM.

Deliveroo is an app which delivers meals from restaurants to your door and has raised $100m (£66m) to fund further expansion.

The US’ oil reserves rose to its highest point since 1972 last year, but plunging prices are likely to start weighing down the record-high reserves.

Also, CITY tells readers that oil reserves soared by nine per cent in 2014, to 39bn barrels, according to US energy forecaster Energy Information Administration, which also found that natural gas reserves hit an unprecedented high of 388.8trn cubic feet.

The Financial Times reports that VW has admitted a second illegal device in 85,000 Audi engines.

Audi said engines in a further 85,000 cars from Volkswagen contained an illegal defeat device.., the paper said.

The Daily Telegraph looks ahead to George Osborne's Autumn Statement, writing that business leaders are backing the Chancellors' bid to push ahead with spending cuts..

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