As several buyers pursue GlaxoSmithKline’s Indian consumer products business, the drugmaker has shortlisted Nestlé, Unilever and Coca-Cola for a second round of bidding, the Economic Times reports, citing people familiar with the discussions.
The business, which includes the drinks brand Horlicks, could fetch up to $4 billion, analysts have said. ET reported that the shortlisted companies are set to continue negotiations with GSK next week in London.
Other companies that reportedly shopped the deal include Kellogg, Mondelez, Danone, Reckitt Benckiser, PepsiCo and private equity firm KKR. The Telegraph last month reported Coca-Cola was preparing a multibillion-pound offer.
GSK in March said it was reviewing options for its 72.5% share of GlaxoSmithKline Consumer Healthcare Ltd., a public company listed on India’s exchanges. The sale would generate cash after GSK agreed to pay $13 billion for Novartis’ share in the two pharma giants’ consumer healthcare joint venture.
Despite its ongoing consumer sale process in India, GSK has stressed that it’s not backing away from the Indian market altogether. The drugmaker plans to back OTC and oral health brands in the country as well as invest in prescription drugs and vaccines, executives have said.
Meanwhile, in the U.S., GSK is cutting 650 jobs to reduce its cost base and reinvest the savings into new launches and R&D.
By: Eric Sagomowsky
Source: Fierce Pharma
Barry Callebaut has named Natasha Chen president of its North American division, effective Sept. 16. She will succeed Ben De Schryver, who will leave Barry Callebaut to “pursue other opportunities,” the company said. In her new role, Chen will manage the company’s North American business in the United States, Mexico and Canada.
Global snacking company Pladis has opened a new headquarters in Jeddah, Saudi Arabia. The site marks a milestone in Pladis’ strategic growth and expansion in the Middle East, North Africa and India (MENAI) region.
Located in the Zahran Business Center in Jeddah, the new office is equipped with new technology and was designed with a focus on sustainability.
Ferrero has announced the official European launch of a plant-based version of its iconic global hazelnut spread, Nutella. Beginning its roll-out with select European markets in autumn 2024, the new plant-based Nutella will soon be available to consumers in local supermarkets in a 350g jar.
