April 29, 2020 / 11:30 AM / a month ago

GSK plans to sell stake in Unilever's India unit - Bloomberg News

A GSK logo is seen on a flag at a GlaxoSmithKline (GSK) research centre in Stevenage, Britain November 26, 2019. REUTERS/Peter Nicholls/Files

BENGALURU (Reuters) - British drugmaker GlaxoSmithKline plc (GSK.L) is planning a sale of its $3.7 billion stake in Unilever Ltd’s (ULVR.L) listed India unit, Bloomberg News reported on Wednesday, citing people familiar with the matter.

GSK plans to offload part or all of its 5.7% holding in Hindustan Unilever Ltd (HUL) (HLL.NS) through a series of block trades, according to Bloomberg News.

In December 2018, Unilever struck a deal to buy GSK’s Horlicks nutrition business for $3.8 billion, boosting the Anglo-Dutch group’s position in India. The deal consideration was paid in cash and shares of HUL, and was completed earlier this month.

A GSK spokesman declined to comment on the matter. Hindustan Unilever did not immediately respond to a request for comment.

Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Anil D'Silva

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