Shire gains as takeover approved by China

Japan's Takeda Pharmaceutical has received regulatory approval from China for its $62bn takeover of London-listed Shire.

The deal, which has already received clearance from US and Brazilian regulators, now only awaits approval from Japan and the European Union.

Takeda expects the purchase, which will be the largest ever overseas purchase by a Japanese company, to be completed in the first half of next year.

Shire shares gained more than 2.5% to 4,502p by midday on Friday.