Unilever has said that it will not raise its £50 billion offer for GlaxoSmithKline’s consumer business, essentially abandoning its pursuit of the deal after a backlash from shareholders.
In an effort to calm investors after a sharp sell-off in its shares, the consumer goods giant released a statement as markets closed in London last night saying it would not increase its offer, which was rebuffed by GSK in December on the basis that it “fundamentally” undervalued the business.
“Unilever is committed to maintaining strict financial discipline to ensure that acquisitions create value for our shareholders,” the company said.
Unilever’s American Depositary Receipts, a financial instrument linked to its shares, rose 10 per cent in New York on the news. In early trading in London this
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2022-01-20 08:13:00Z
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