GSK’s consumer promise will be hard to live up to

Register now for FREE unlimited access to Reuters.comThat may be a stretch. After all, P&G is a $379 billion industry leader with a far broader range of products than GSK’s unit, and which has delivered average revenue growth of 6% over the last two years. True, Walmsley is promising that sales at GSK Consumer will increase between 4% and 6% annually in the medium term. But that looks optimistic: the unit’s average growth rate over the last five years has been a mediocre 3%.

- GSK, led by Emma Walmsley, has hired Goldman Sachs and Citigroup to review Unilever’s approach but it will not engage in talks unless Unilever bumps up its 50 billion pound offer, sources familiar with the matter told Reuters. - GSK said on Jan. 15 that Unilever’s proposal “fundamentally undervalued” the consumer business, adding that it would stick to its plan of listing the division this year.

- GSK and Pfizer would open negotiations with Unilever Chief Executive Alan Jope if the consumer goods giant was ready to improve its bid to more than 60 billion pounds, a source familiar with Pfizer’s strategy told Reuters.Editing by Neil Unmack and Oliver TaslicReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day.

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