Feb 12, 2018

Opening Quote: Unilever seeks a deep clean of the internet

Later today, Keith Weed, Unilever's chief marketing officer, is due to put the US internet giants on notice in a speech to fellow advertisers and media groups at the annual Interactive Advertising Bureau conference. Last year, Unilever spent €7.7bn on marketing, but has been overhauling its advertising budget as part of a cost-cutting and margin improvement programme. Knowing who to believe - online and on paper - is the challenge faced by shareholders in GKN, as the engineering group prepares to launches its defence against a £7bn hostile takeover bid from industrial turnaround specialist Melrose. According to the Sunday Times, GKN will this week offer investors the prospect of a cash payout if they reject Melrose's offer and let GKN sell its powder metallurgy business, which could be worth £2bn or more. As part of its offer for GKN, which is 80 per cent shares and 20 per cent cash, Melrose has already laid out plans to sell the powder metallurgy business "In the medium term".

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