Unilever won't lift £50bn offer for GSK consumer health arm

Glaxo confirmed earlier in the week that it had received three unsolicited, conditional and non-binding proposals from Unilever, the final at £50bn, but this was rejected on the basis that it "fundamentally undervalued" the division and its prospects.

In a brief statement on Wednesday, Unilever said: "We note the recently shared financial assumptions from the current owners of GSK Consumer Healthcare and have determined that it does not change our view on fundamental value.

"Accordingly, we will not increase our offer above £50bn.

"Unilever is committed to maintaining strict financial discipline to ensure that acquisitions create value for our shareholders. Unilever also reiterates its commitment to continuing to improve the performance of its existing portfolio through its ongoing focus on operational excellence, its upcoming reorganisation and by rotating the portfolio to higher growth categories."