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GlaxoSmithKline to offload entire holding in Hindustan Unilever

The pharma giant acquired the stake in December 2018 as part of a transaction with Unilever

GlaxoSmithKline PLC - GlaxoSmithKline to offload entire holding in Hindustan Unilever

GlaxoSmithKline PLC (LON:GSK) announced it is to sell its 5.7% stake in Hindustan Unilever Limited (HUL) for 254.8bn rupees, corresponding to US$3.35bn.

The pharma giant acquired this holding in December 2018, when it sold its Indian Horlicks nutrition business to fellow FTSE 100 firm Unilever PLC (LON:ULVR).

READ: GlaxoSmithKline receives US approval for late-stage ovarian cancer treatment

The deal involved payment in cash and shares in Unilever’s Indian subsidiary, HUL.

The transaction between GSK and Unilever, initially agreed for £3.1bn, was completed last month at £3.4bn as HUL’s share price has been rising.

Shares in GSK were flat at 1,702p on Thursday in early trades.

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