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

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

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

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 here 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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