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