MARMITE and Hellmann's mayonnaise owner Unilever has bid unsuccessfully for GlaxoSmithKline's (GSK) consumer health division.

The bids, believed to be around £50bn, were revealed over the weekend.

GSK has been attempting to spin off the division for some time, and brought in former Tesco boss Sir Dave Lewis as a non-exec chair designate earlier this year.

Unilever would add Panadol painkillers to its stable if the giant, led by CEO Alan Jope, is successful in any future bid.

£ UNILEVER MAKES A PLAY: PAGE 6

CONTINUED FROM P1 GSK has batted away three bids for its consumer goods business from Unilever on the grounds that they "fundamentally undervalue" the business.

Consumer goods and pharmaceutical giant GSK confirmed on Saturday that it received three unsolicited cash-andshare approaches from FTSE 100-listed Unilever last year, with the latest offer on 20 December valuing the business at £50bn, the Sunday Times first reported.

The December approach comprised £41.7bn in cash and £8.3bn in Unilever shares, GSK said on Saturday.

The offers emerge after chief executive Emma Walmsley announced plans last year to spin off the group's consumer healthcare business in a major shake-up designed to address what has been perceived as underperformance from investors.

Walmsley has faced a series of high- profile run-ins with activist hedge fund Elliott in the past year who have questioned her position and backed a potential sale of the business.

The funds raised from any sale of the consumer arm, which is a joint venture with American pharmaceutical giant Pfizer, would be pumped into GSK's pharmaceuticals arm.

A Unilever spokesperson confirmed the approaches to City A.M., hailing GSK as a "a leader in the attractive consumer health space" and "a strong strategic fit as Unilever continues to reshape its portfolio."

The spokesperson added that there is "no certainty that any agreement will be reached."

The Financial Times reported that Walmsley said GSK would press ahead with plans to demerge and list the business as a separate entity led by GSK insider Brian McNamara and chaired by former Tesco boss Sir Dave Lewis.

(c) 2022 City A.M., source Newspaper