1. GSK Rejects 50-Billion-Pound Unilever Offer for Consumer Assets

    GSK Rejects 50-Billion-Pound Unilever Offer for Consumer Assets

    (Reuters) - GlaxoSmithKline on Saturday said it had rejected a 50-billion-pound offer from Unilever for its consumer goods arm, saying it "fundamentally undervalued" the business and its future prospects and that it would stick to its plan of spinning off the unit. Unilever confirmed the approach earlier on Saturday, saying the Glaxo unit would be a "strong strategic fit" as it continues to re-shape ...

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    1. The Board of GSK therefore remains focused on executing its proposed demerger of the Consumer Healthcare business ... on track to be achieved in mid-2022.
    2. A company which feels it has to define the purpose of Hellmann’s mayonnaise has in our view clearly lost the plot. The Hellmann’s brand has existed since 1913 so we would guess that by now consumers have figured out its purpose (spoiler alert — salads and sandwiches).
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