Jan 25 (Reuters) - Unilever unveiled plans on
Tuesday to cut about 1,500 management jobs in an overhaul aimed
at easing shareholders' concerns after a failed acquisition and
news an activist investor had built a stake in the consumer
goods giant.
The maker of Dove soap and Magnum ice cream has had a bumpy
few years, with shares falling about a quarter from highs seen
in late 2019, and CEO Alan Jope's plans facing scrutiny.
Here are key developments around Unilever in the past two
months.
NOV. 18, 2021:
Unilever agreed to sell its global tea business to CVC
Capital Partners for 4.5 billion euros ($5.1 billion),
concluding a process of reviewing and spinning off the division
that took more than two years.
JAN. 15, 2022:
Unilever confirmed it had approached GlaxoSmithKline
about buying its consumer goods business following media
reports.
Later in the day, GSK said it had rejected Unilever's
50-billion-pound ($68 billion) offer, saying it "fundamentally
undervalued" the consumer healthcare business.
GSK said it had received the third approach from Unilever on
Dec. 20 and that it comprised 41.7 billion pounds in cash and
8.3 billion in Unilever shares.
JAN. 17
Unilever signalled it would pursue a deal for GSK's consumer
business, calling it a "strong strategic fit," but shares slid
more than 8%. The company also said it would announce an
initiative later in the month to strengthen its business.
JAN. 19
Late in the day, Unilever said it would not raise its offer
for GSK's consumer healthcare business from 50 billion pounds.
Sources had told Reuters GSK would not engage with Unilever
unless the offer was sweetened.
JAN. 20
Unilever shares slipped on its short-lived pursuit of GSK's
consumer health assets. Influential British fund manager Terry
Smith criticised the failed bid as a "near death experience" and
urged Unilever to focus on strengthening performance.
JAN. 23
A source told Reuters that activist investor Nelson Peltz's
hedge fund, Trian Partners, had built a stake of an unspecified
size in Unilever, ratcheting up pressure on the company, months
after Peltz stepped down from rival P&G's board.
JAN. 24
Unilever shares rose 6% on reports of Peltz's stake.
(Reporting by Pushkala Aripaka in Bengaluru
Editing by Keith Weir and Mark Potter)