Unilever says it will not increase £50bn bid for rival

Consumer goods giant Unilever has said it "Will not increase" its £50bn offer for GlaxoSmithKline's healthcare arm after the bid was rejected. Unilever had previously said a deal would be a "Strong strategic fit". Shares in Unilever rose 4.5% after Wednesday's announcement, having fallen sharply on Monday. Unilever is the third largest company on London's FTSE 100 index and is worth around £100bn. The company has rejected three Unilever offers, saying the proposals "Fundamentally failed" to reflect the value of the business.

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