May 6, 2020 / 12:21 PM / a month ago

GSK declines to comment on report it is selling $3.4 billion stake in Hindustan Unilever

FILE PHOTO: General view outside GlaxoSmithKline (GSK) headquarters in Brentford, following the outbreak of the coronavirus disease (COVID-19), London, Britain, May 4, 2020. REUTERS/Matthew Childs

FRANKFURT (Reuters) - A spokesman for GlaxoSmithKline (GSK.L) on Wednesday declined to comment on a report by IFR, saying the British drugmaker was selling a block of shares in Hindustan Unilever (HLL.NS) worth $3.4 billion on the open market.

In December 2018 GSK agreed to sell malted drink brand Horlicks and other nutrition brands to Unilever (ULVR.L) for $3.8 billion. At the time it accepted as partial payment a stake in a planned joint venture between GSK’s Indian business - whose main product is Horlicks - and Unilever’s Indian unit Hindustan Unilever.

Reporting by Ludwig Burger, editing by Louise Heavens

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