Jan 17, 2022
Unilever defends £50bn bid for GSK consumer health unit
Unilever defended its £50bn bid for the consumer health unit of GlaxoSmithKline as the ambitious plan drew scepticism from some analysts and sent the group's shares down 6 per cent in early trading on Monday. Unilever's approaches for GSK Consumer Healthcare, home to brands including Aquafresh toothpaste and Panadol painkillers, have so far been rebuffed, but the group still hopes to pursue a deal, according to people familiar with the situation. Shares in Unilever fell 6 per cent in early trading to 3707p, while GSK stock rose 5 per cent to 1727p. GSK and Pfizer, which holds a 32 per cent stake in the consumer health unit, are holding out for an improved bid of at least £60bn. GSK has said that Unilever's £50bn offer "Fundamentally undervalued" a business that it intends to spin off later this year. Analysts were quick to voice reservations about a potential acquisition of the GSK business, as well as the debt with which it would saddle Unilever.
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