So. . . British Prime Minister Cameron Just Upped The "Ian Read" Ante

In the UK, the government is permitted to regulate certain commercial transactional activities "in the public (i.e., national) interest". Just what that means isn't abundantly clear.

And that ambiguity may make for headaches for Ian C. Read -- and Pfizer. Big ones. The Prime Minister is sensing that maybe this one isn't a political slam dunk. See the Global Post, just now:

. . . .Speaking to lawmakers, Cameron did not answer directly on whether he wanted to apply a "public interest test" to the Pfizer proposal but he said he agreed with Business Secretary Vince Cable who said Britain could apply the test. That would mean asking regulators to judge whether the deal was in the national interest.

"I absolutely agree with what the business secretary said yesterday but let me be clear, the most important intervention we can make is to back British jobs, British science, British R&D, British medicines and British technology," Cameron said.

"The assessment that I want is from the business department on this deal," he added. "I will judge all these things about does it expand British jobs, British investment, British science?"

The opposition Labour party has called on Cameron to expand the provisions of the public interest test to allow ministers more power over any possible takeover of AstraZeneca, though any move to do so could face legal challenges. . . .

This sort of talk -- even if largely idle political posturing -- is bad news for Pfizer. Mr. Read may "well have bitten off more than he can chew," here.