PRESS: GlaxoSmithKline To Shortlist Bidders For Horlicks Unit - FT

LONDON (Alliance News) - Competition is rising to secure GlaxoSmithKline PLC's Horlicks malted milk hot beverage brand, with offers in the range of USD2.5 billion to USD3 billion, the Financial Times reported late Tuesday.

Bidders include Nestle SA, Unilever PLC and Coca-Cola Co, but no single company is considered a frontrunner, according to the newspaper, which cited people familiar with the situation.

PepsiCo Inc also is thought to be following the process closely, the FT reported, while Kellogg Co and Reckitt Benckiser Group PLC decided not to bid.

GlaxoSmithKline is expected to produce a shortlist of bidders in the next two weeks, the FT said.

The move follows the pharmaceutical & consumer healthcare giant's desire to focus on its over-the-counter and oral health portfolios.

https://www.ft.com/content/9452797a-bb52-11e8-8274-55b72926558f