Glaxo rejects Unilever offer for business: report

Glaxo rejects Unilever offer for business: report

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GlaxoSmithKline PLC rejected an unsolicited offer from Unilever PLC valuing its consumer goods business at more than 50 billion pounds $68.4 billion, a company that the Times reported on Saturday, without saying how it obtained the information.

Unilever made an offer for Glaxo's household brands unit in late 2021, but Glaxo s board and Pfizer Inc., which has a minority stake in the business, rejected the offer as too low, the newspaper said.

In December, Glaxo hired former Tesco Plc chief executive Dave Lewis to lead a spin-off and listing of its consumer goods arm this year. The unit, which owns brands including Advil painkillers and Sensodyne toothpaste, will seek a London Stock Exchange listing.

Glaxo had previously had interest from Advent International, CVC Capital Partners and KKR Co for the business, even though it had been preparing for the listing last fall.

It is not clear if Unilever will raise its offer or if there are talks between the companies currently taking place, the newspaper reported.

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