Unilever Is Interested In GSK’s Consumer Goods Division

Unilever Is Interested In GSK's Consumer Goods Division

Unilever announced that it had approached GlaxoSmithKline about purchasing the pharmaceutical company’s consumer goods division.

This comes after a newspaper reported that it had been turned down for a 50 billion pound ($68.4 billion) offer.

“GSK Consumer Healthcare is a market leader in the appealing consumer health space and would be a strong strategic fit as Unilever continues to reshape its portfolio,” Unilever said in a statement on Saturday.

“There is no guarantee that an agreement will be reached.”

According to Reports, GSK did not immediately respond to a request for comment.

Earlier, the Sunday Times in the United Kingdom reported that Unilever’s bid for the business was worth roughly 50 billion pounds and had been rejected as too low by GSK and Pfizer, which owns a minority stake in the division.

Unilever, which owns brands such as Dove soap and Marmite, was said to have made an unsolicited approach for Glaxo’s portfolio of household brands such as Panadol pain relievers and Sensodyne toothpaste.

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According to the newspaper, Unilever’s bid did not include a takeover premium or recognition of synergies. It was unclear whether Unilever would make a higher offer, according to the statement.