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* Unilever confirms interest in GSK assets
* GSK consumer business would be "strong strategic fit"
* Sunday Times says 50 billion-pound bid rejected in late
2021
* Unilever is under pressure from shareholders over stock
price
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By Mrinmay Dey and Siddharth Cavale
Jan 15 (Reuters) - Consumer goods giant Unilever
said it had approached Glaxosmithkline about buying the
pharmaceutical group's consumer goods arm, after a newspaper
reported that a 50 billion-pound ($68.4 billion) bid it made had
been rebuffed.
Unilever, which has been under fire from some investors for
the group's underperforming share price, confirmed the approach
about a potential acquisition of the business in a statement on
Saturday.
"GSK Consumer Healthcare is a leader in the attractive
consumer health space and would be a strong strategic fit as
Unilever continues to re-shape its portfolio," it said.
"There can be no certainty that any agreement will be
reached."
GSK declined to comment on the approach.
Earlier, Britain's Sunday Times said the Unilever bid for
the business made late last year was worth roughly 50 billion
pounds, and had been rejected as too low by GSK and Pfizer
, which owns a minority stake in the division.
The approach by Unilever, which owns brands such as Dove
soap and Marmite, for Glaxo’s portfolio of household brands
including Panadol painkillers and Sensodyne toothpaste was
understood to have been unsolicited, it added.
Unilever's bid did not include any takeover premium or
recognition of synergies, the newspaper said, adding that it was
not clear whether the group would make a higher offer.
Unilever has come under pressure from investors after
underperforming rivals such as Procter & Gamble.
Chief Executive Alan Jope recently got into a spat with
British fund manager Terry Smith, who criticised the group for
promoting sustainability credentials at the expense of
performance.
Brokerage Jefferies last year put a valuation for the whole
consumer unit at 45 billion pounds.
Deutsche Bank analysts said in June 2021 that any takeover
bid for GSK's consumer assets worth more then 45 billion pounds
would be "eye-watering".
Unilever has previously shot down suggestions that it was in
the market for big deals. Jope has said he was only interested
in small, bolt-on acquisitions in fast-growing areas such as
luxury beauty and health and wellness.
($1 = 0.7314 pounds)
(Additional reporting by Ludwig Burger in Zurich; Writing by
William Schomberg; Editing by Mark Heinrich and Jan Harvey)
