Unilever says it approached Glaxo to buy business

Unilever says it approached Glaxo to buy business

General view outside GlaxoSmithKline GSK headquarters in Brentford, London, Britain, May 4, 2020. LONDON, Jan 15, Reuters - Consumer goods giant Unilever ULVR.L said it approached Glaxosmithkline GSK.L about buying the pharmaceutical group's consumer goods arm after a newspaper reported that a 50 billion pound $68.4 billion offer had been rebuffed.

Unilever said on Saturday that GSK Consumer Healthcare is a leader in the attractive consumer health space and would be a strong strategic fit as Unilever continues to re-shape its portfolio.

There is no assurance that an agreement will be reached. GSK did not respond to a request for comment.

Britain's Sunday Times said the Unilever bid for the business was worth around 50 billion pounds, and had been rejected by GSK and Pfizer PFE.N, which owns a minority stake in the division.

It said that the approach by Unilever, which owns brands such as Dove soap and Marmite, was for Glaxo's portfolio of household brands including Panadol painkillers and Sensodyne toothpaste.

Unilever's bid didn't include any takeover premium or recognition of synergies, the newspaper said. It was not clear whether Unilever would make a higher offer, it added.