GSK rejects Unilever’s $68 billion bid for consumer healthcare unit

0

LONDON – Pharma giant GlaxoSmithKline said on Saturday it had rejected an unsolicited 50 billion pound ($68.4 billion) bid from Unilever for its consumer healthcare goods unit, a joint venture it controls in partnership with Pfizer.

The London-based company said in a statement published on its website that a series of three offers made by Unilever last year – the last on December 20 – were all rejected “on the grounds that they fundamentally undervalued” the unit and its future prospects.

GlaxoSmithKline and Unilever have confirmed that a takeover bid has been made following an article in Britain’s Sunday Times. In a brief statement on its website, unilever said “GSK Consumer Healthcare is a leader in the attractive consumer healthcare space and would be a strong strategic fit as Unilever continues to reshape its portfolio. There can be no certainty that an agreement will be reached. »

A d

GSK plans to divest the unit – known for products such as painkiller Advil, toothpaste Sensodyne and Tums – in mid-2022. After integrating the consumer healthcare businesses of Novartis (2015) and Pfizer (2019), GSK said it reached annual sales of 9.6 billion pounds ($13.1 billion) in 2021.

Consumer goods conglomerate Unilever sells a wide assortment of consumer products ranging from Hellmann’s mayonnaise to Lipton tea and Ben & Jerry’s ice cream. Its best-known personal care brands include Dove soap and Rexona deodorant.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Share.

Comments are closed.