Unilever slides and GSK bounces after GSK knocks back £50bn bid

Unilever shares fell to their lowest level in around five years, after its £50bn takeover bid for GSK’s consumer health unit was rejected.

Unilever logo
Unilever says it won’t be dragged into a bidding war for GSK's consumer health unit
(Image credit: © Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)

Shares in consumer-products giant Unilever fell by more than 7% today to their lowest level in around five years, after its £50bn takeover bid for GSK’s consumer health unit was rejected.

Both GSK and Pfizer, which holds a 32% stake in the division, believe the unit is worth at least £60bn.

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Saloni Sardana

Saloni is a web writer for MoneyWeek focusing on personal finance and global financial markets. Her work has appeared in FTAdviser (part of the Financial Times),  Business Insider and City A.M, among other publications. She holds a masters in international journalism from City, University of London.

Follow her on Twitter at @sardana_saloni