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 its portfolio spanning food, beauty, and home care brands.
