AstraZeneca and Gilead Science to merge?

How likely is deal?

How likely is deal? 
Bloomberg reported that AstraZeneca contacted Gilead last month about a potential $232 bln pharma powerhouse merger. According to Jefferie analysts the merger is unlikely:

While Gilead may look cheap with its price-to-earnings ratio of 12 times and AstraZeneca may be attracted by the potential cost-cutting and decent free cashflow, Jefferies analysts said they do not view a deal as likely. “We think Gilead believes its HIV business is very underappreciated,” they said in a note, adding that the company “would prefer to build value over time and do its own tuck-in deals