Unilever rules out raising £50bn bid for GSK unit

2022-01-20 05:30:00 AM

Unilever’s share price has dropped as investors question the rationale for the deal

Unilever CEO Alan Jope. Picture: BLOOMBERGUnilever said on Wednesday it would not bid higher than the£50bn offer it tabled for GlaxoSmithKline’s (GSK) consumer products division late in 2021.GSK rejected that offer and two earlier offers last year. 

The news comes after a sharp decline in Unilever’s share price as investors questioned the rationale for the deal. The outcome is a serious blow to CEO Alan Jope and Unilever’s board, which earlier this week announced a revamp of its business. The maker of Dove soap wants to refocus around its health, beauty and hygiene operations, suggesting divestitures may involve its food operations, which include the Ben & Jerry’s and Magnum ice-cream brands.

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