Unilever Plans Overhaul After Bids for GSK Consumer Unit

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

(Bloomberg) — Unilever Plc is promising to revamp its structure and plans to sell off slow-growth brands as it weighs making a higher offer for GlaxoSmithKline Plc’s consumer unit.

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

Most Read from Bloomberg

    Unilever said Monday it will announce the restructuring later this month. The disclosure comes after Glaxo said over the weekend that it rejected three offers from the consumer-products company for a bundle of brands including Advil painkiller and Sensodyne toothpaste, the latest of which was worth 50 billion pounds ($68 billion).

    Global Tech News Daily

    Shares of Unilever fell as much as 4.1% in London. Glaxo rose as much as 4.9%.

    Alan Jope is making his biggest strategic shifts at Unilever since becoming CEO three years ago. The Dove soap owner said it will refocus around its health, beauty and hygiene operations, suggesting divestitures may involve its food operations, which include the Ben & Jerry’s and Magnum ice cream brands.

    Global Tech News Daily

    Unilever has held talks with banks about additional financing for a potential sweetened offer for the Glaxo unit, according to people familiar with the matter.

    Some financial firms have discussed lending enough for a higher bid. Unilever hasn’t made a final decision on using the firepower, said the people, who requested anonymity as they aren’t allowed to speak publicly.

    Glaxo has been planning to spin off its consumer brands, but shareholders including Elliott Investment Management LP have been pushing Chief Executive Officer Emma Walmsley to consider a sale instead. The drugmaker said over the weekend it’s sticking with plans to spin off the portfolio.

    Glaxo’s board is open to proposals but the latest bid late last year was not within a range the company would consider, the people said. The pharma giant talked up growth prospects for the unit, formed through a combination of its consumer labels with those of Pfizer Inc., which retains a minority stake.

    A takeover would be one of the largest globally in the past twelve months, and would come at a time when merger and acquisition activity is at an all-time high. It would also be Unilever’s biggest-ever deal, advancing Jope’s ambition to execute bigger and bolder acquisitions to reshape the company’s roster of labels.

    Shortly after taking the helm in 2019, Jope signaled that the company was ready to progress past the tamer takeover strategy of former CEO Paul Polman, who had focused on incremental deals in fast-growing sectors such as male grooming and home care.

    Jope’s three-year tenure has been mired in distractions and misfires that have held back the company’s stock. Fundsmith founder Terry Smith, one of Unilever’s top 15 shareholders, last week said the company had “lost the plot” with a focus on burnishing its sustainability credentials at the expense of financial performance.

    Glaxo has said it expects sales at the business to increase by 4% to 6% in the medium term, which is faster than the growth rate at Unilever’s personal care division. With Jope’s interest now out in the open, other bidders could emerge.

    Giuseppe Bivona, co-founder of Bluebell Partners, an activist hedge fund with a stake in Glaxo, called Unilever’s bid “encouraging.” “It’s a great asset and there should be broad interest in it,” he said.

    (Updates with details from fourth paragraph)

    Most Read from Bloomberg Businessweek

      ©2022 Bloomberg L.P.

      News Related

      OTHER NEWS

      Soaring refining margin bodes well for oil firms

      The industrial complex in the southern port city of Ulsan where production bases of Korea’s major petrochemical companies are located (Yonhap)South Korean oil refiners’ key profitability measure has been rising ... Read more »

      Buckle (BKE) Gains As Market Dips: What You Should Know

      Buckle (BKE) closed at $37.24 in the latest trading session, marking a +1.36% move from the prior day. This change outpaced the S&P 500’s 0.37% loss on the day. – ... Read more »

      AutoNation (AN) Dips More Than Broader Markets: What You Should Know

      In the latest trading session, AutoNation (AN) closed at $103.57, marking a -0.46% move from the previous day. This change lagged the S&P 500’s 0.37% loss on the day. – ... Read more »

      FuboTV Inc. (FUBO) Stock Moves -0.3%: What You Should Know

      fuboTV Inc. (FUBO) closed at $10.07 in the latest trading session, marking a -0.3% move from the prior day. This change was narrower than the S&P 500’s 0.37% loss on ... Read more »

      Fiverr International (FVRR) Dips More Than Broader Markets: What You Should Know

      In the latest trading session, Fiverr International (FVRR) closed at $81.01, marking a -0.52% move from the previous day. This change lagged the S&P 500’s daily loss of 0.37%. – ... Read more »

      Sterling Construction (STRL) Gains As Market Dips: What You Should Know

      Sterling Construction (STRL) closed at $27.51 in the latest trading session, marking a +1.63% move from the prior day. The stock outpaced the S&P 500’s daily loss of 0.37%. – ... Read more »

      Boise Cascade (BCC) Gains As Market Dips: What You Should Know

      Boise Cascade (BCC) closed at $77.20 in the latest trading session, marking a +0.69% move from the prior day. The stock outpaced the S&P 500’s daily loss of 0.37%. – ... Read more »

      CRISPR Therapeutics AG (CRSP) Gains As Market Dips: What You Should Know

      In the latest trading session, CRISPR Therapeutics AG (CRSP) closed at $62.36, marking a +0.76% move from the previous day. This move outpaced the S&P 500’s daily loss of 0.37%. ... Read more »

      Bausch Health (BHC) Dips More Than Broader Markets: What You Should Know

      Bausch Health (BHC) closed the most recent trading day at $24.39, moving -0.53% from the previous trading session. This move lagged the S&P 500’s daily loss of 0.37%. – Zacks ... Read more »

      ETF Strategies to Consider for February as Fed's Rate Hike Nears

      Wall Street has been mostly kind to investors so far in February after a tough January. Market participants are upbeat about improving U.S. economic conditions as reflected by encouraging fourth-quarter ... Read more »

      Bank of Nova Scotia (BNS) Gains As Market Dips: What You Should Know

      Bank of Nova Scotia (BNS) closed at $73.75 in the latest trading session, marking a +0.78% move from the prior day. This move outpaced the S&P 500’s daily loss of ... Read more »

      Fox (FOXA) to Report Q2 Earnings: What's in the Offing?

      Fox FOXA is set to report second-quarter fiscal 2022 results on Feb 9.For the quarter, the company’s current Zacks Consensus Estimate for earnings is pegged at breakeven against a loss ... Read more »

      Generac Holdings (GNRC) Gains As Market Dips: What You Should Know

      In the latest trading session, Generac Holdings (GNRC) closed at $279.97, marking a +0.01% move from the previous day. This move outpaced the S&P 500’s daily loss of 0.37%. – ... Read more »

      Spirit And Frontier Announce $6.6 Billion Merger

      Spirit Airlines Incorporated (NYSE:SAVE) and Frontier Group Holdings Inc (NASDAQ:ULCC) have announced a $6.6 billion merger to create one of the largest low-cost airlines in the U.S. The new airline ... Read more »

      First Trust Energy AlphaDEX Fund (FXN) Hits a 52-Week High

      The First Trust Energy AlphaDEX Fund FXN is probably a suitable pick for investors looking for momentum. FXN hit a 52-week high and is up 59.6% from its 52-week low ... Read more »

      Stock futures inch higher after S&P, Nasdaq fall to start the week

      U.S. stock index futures crept higher during overnight trading Monday, after the major averages moved between gains and losses during regular trading as the market awaits key inflation data later ... Read more »

      The former president of Elon Musk's Neuralink has invested in the rival company that beat it to human trials

      © Provided by Business Insider Elon Musk, cofounder of Neuralink. Patrick Pleul/picture alliance via Getty Images Ex-president of Neuralink, Max Hodak, said Friday he’s invested in rival biotech company Synchron. ... Read more »

      Immunovant (IMVT) Reports Wider-Than-Expected Loss in Q3

      Immunovant, Inc. IMVT reported a net loss of 36 cents per share in the third quarter of fiscal 2022 (ended Dec 31, 2021), wider than the Zacks Consensus Estimate of ... Read more »

      Buckle's (BKE) Sales Run Continues in January, Comps Gain 4.2%

      The Buckle, Inc. BKE looks well poised on the back of its robust strategic efforts, including strength in e-commerce business and an impressive sales trend. BKE has been putting up ... Read more »

      6 Best-Leveraged ETF Areas of Last Week

      Wall Street put up a moderate show last week with the S&P 500 (up 1.6%), the Dow Jones (up 1.1%), the Nasdaq Composite (up 2.4%) and the Russell 2000 (up ... Read more »

      Interpublic (IPG) to Report Q4 Earnings: What's in the Cards?

      The Interpublic Group of Companies, Inc. IPG is scheduled to report fourth-quarter 2021 results on Feb 10, before the opening bell. – Zacks Let’s check out how things have shaped ... Read more »

      Mednax (MD) Buys Night Lite Pediatrics to Boost Portfolio

      Mednax, Inc. MD and its affiliated practices Pediatrix Medical Group recently acquired Night Lite Pediatrics, LLC in Orlando, FL. Night Lite is a private 13-clinic pediatric urgent care practice. The ... Read more »

      Best Growth Stocks to Buy for February 7th

      Here are three stocks with buy ranks and strong growth characteristics for investors to consider today, February 7th: – Zacks Apple AAPL: This company whose business primarily runs around its ... Read more »

      Gol Linhas (GOL) Stock up 16.2% in a Month: More Upside Left?

      Shares of Gol Linhas GOL have displayed an uptrend on the bourses over the past month, gaining 16.2% against its industry’s 3.1% decline. – Zacks Image Source: Zacks Investment Research ... Read more »

      Top Research Reports for Bank of America, Coca-Cola & salesforce

      Monday, February 7, 2022 The Zacks Research Daily presents the best research output of our analyst team. Today’s Research Daily features new research reports on 16 major stocks, including Bank ... Read more »

      Sanofi's (SNY) Enjaymo Gets FDA Nod For Rare Blood Disorder

      Sanofi SNY announced that the FDA has approved its monoclonal antibody, Enjaymo (sutimlimab-jome), to decrease the need for red blood cell transfusion due to hemolysis in adult patients with cold ... Read more »

      The Zacks Analyst Blog Highlights: Alphabet, T-Mobile US, Advanced Micro Devices, Mondelez International and Chubb

      For Immediate Release Chicago, IL – February 7, 2022 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the ... Read more »

      The IRS will move away using ID.me's facial recognition verification for IRS.gov

      © Provided by Business Insider Page 13 of a slide presentation describing how to link your IRS account with ID.me. ID.me The IRS will eventually stop using ID.me identity verification ... Read more »

      IRS to stop using facial recognition for identity verification

      Signage outside the Internal Revenue Service (IRS) headquarters in Washington, D.C.Bloomberg | Bloomberg | Getty Images The IRS on Monday announced it will stop using a controversial third-party service for ... Read more »

      Why Mid-America Apartment Communities (MAA) is a Great Dividend Stock Right Now

      Whether it’s through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you’re an income investor, your primary focus is ... Read more »

      Surging Earnings Estimates Signal Upside for Xilinx (XLNX) Stock

      Investors might want to bet on Xilinx (XLNX), as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and ... Read more »

      BCB Bancorp (BCBP) is a Top Dividend Stock Right Now: Should You Buy?

      Whether it’s through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you’re an income investor, your primary focus is ... Read more »

      The Zacks Analyst Blog Highlights: AbbVie, Merck, Eli Lilly, Novartis and Pfizer

      For Immediate Release Chicago, IL – February 7, 2022 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the ... Read more »

      BankUnited (BKU) Stock up 3.4% on New Share Repurchase Plan

      BankUnited, Inc. BKU has announced a new share repurchase plan. The company’s board of directors has approved the repurchase of up to $150 million in shares of BKU’s outstanding stock. ... Read more »

      TEGNA Inc. (TGNA) Soars 7.4%: Is Further Upside Left in the Stock?

      TEGNA Inc. TGNA shares rallied 7.4% in the last trading session to close at $21.34. This move can be attributable to notable volume with a higher number of shares being ... Read more »

      Can BCB Bancorp (BCBP) Run Higher on Rising Earnings Estimates?

      BCB Bancorp (BCBP) could be a solid choice for investors given the company’s remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue ... Read more »

      Earnings Estimates Moving Higher for Marathon Oil (MRO): Time to Buy?

      Marathon Oil (MRO) could be a solid choice for investors given the company’s remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue ... Read more »

      Transport ETFs to Buy on Solid Q4 Earnings

      The fourth-quarter earnings picture for the transportation sector has been robust. This is especially true as earnings of 95.2% of the market capitalization of the sector that has reported so ... Read more »

      The Zacks Analyst Blog Highlights: STMicroelectronics, BP and Asbury Automotive Group

      For Immediate Release Chicago, IL – February 7, 2022 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the ... Read more »

      Earnings Estimates Moving Higher for Robert Half (RHI): Time to Buy?

      Robert Half (RHI) could be a solid choice for investors given the company’s remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue ... Read more »