GSK rejects Unilever’s £50bn offer for consumer unit

GlaxoSmithKline has rejected £ 50bn from Unilever to buy a consumer partnership with Pfizer, saying it “tarnishes” the business and its future prospects.

GSK said it had rejected three options, including a £ 50bn deal worth £ 41.7bn and £ 8.3bn in Unilever shares, which he received on December 20.

“In this case, after careful consideration of Unilever’s opinion, we concluded that he had failed to recognize the value and potential we see in Consumer Healthcare,” said Emma Walmsley, GSK CEO.

“That is why the Board rejected them. Instead, we look forward to fulfilling our plan to separate Consumer Healthcare, through a split this year – to become the world’s leading healthcare company in London and New York. “

Unilever said earlier on Saturday that it had “approached GSK and Pfizer about how to sell the business”.

GSK Consumer Healthcare is at the forefront of consumer-oriented health and well-being as Unilever continues to make a name for itself. There can be no guarantee that any agreement will be fulfilled, “added Unilever.

Unilever has made several attempts to collaborate with GSK in the past few months, developing several strategies at the moment, according to people with specific knowledge of the subject. Goldman Sachs advises GSK. Centerview Partners and Deutsche Bank are working with Unilever.

£ 50bn was first reported by the Sunday Times.

The prospect of a possible partnership depends on what the market and GSK believe to be the value of the trade. Expert estimates range from £ 37bn to £ 48bn per session. GSK said on Saturday that it expects the unit to grow at 4 to 6 percent over the medium term, at constant exchange rates.

Unilever declined to comment on whether it would come back with more money.

GSK has been working to break down the alliance, a partnership with Pfizer that makes Panadol painkillers, Theraflu cold and cold medicine, and Otrivin decongestant. The new company will be led by GSK inside Brian McNamara and its committee should be led by Dave Lewis, a former Tesco executive who held senior positions at Unilever.

Advertisers including US hedge fund Elliott Management are putting pressure at Walmsley to explore other options – including selling – if it could bring significant benefits to owners. Walmsley plans to use the proceeds from the spin-off to promote the drug and drug business.

Marco Taricco, chief financial officer at Bluebell Capital Partners – one of the people who are pressuring GSK to consider selling the shares – said the sale was “evidence that such a high-profile business can attract professional and intelligent interest.”

Pfizer owns 32 per cent of the shares, which GSK says it will list in London this year, although private groups are also looking at possible purchases.

The acquisition of Unilever will be one of the biggest events in the London market, bringing in the third largest FTSE 100 company with shares that, if independent, would be above 20. It would be compatible with Vodafone purchasing Mannesmann from Germany. in 1999 and AB InBev acquired SABMiller in 2016.

The move came as Unilever, formerly one of the largest corporations in the world, sought to increase risk following the rapid growth of sales.

His share price has dropped since senior Alan Jope took office in 2019, as well as 10-year-old top seller Terry Smith this week. he attacked the company such as “working heavily with managers who are interested and publicly displaying consistent knowledge and focusing on the business”.

Some vendors object to this, but many agree that the company should address its problem. It he agreed last year to sell his share of tea, which has been growing, for € 4.5bn going to a special CVC group, but still not making much profit under Jope.

Unilever in 2018 agreed to buy a nutritious beverage business at GSK, including the Horlicks brand, in India and other Asian markets for € 3.3bn. It has also found a variety of consumer health categories, including Smarty Pants, Olly and Onnit supplements and Liquid IV beverage mixtures.

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