Unilever eyes GSK’s consumer goods arm in possible £50b deal

Consumer goods giant Unilever said it had approached Glaxosmithkline about buying the pharmaceutical group's consumer goods arm, after a newspaper reported that a 50 billion-pound ($68.4 billion) bid it made had been rebuffed.

Unilever, which has been under fire from some investors for the group's underperforming share price, confirmed the approach about a potential acquisition of the business in a statement on Saturday.

"GSK Consumer Healthcare is a leader in the attractive consumer health space and would be a strong strategic fit as Unilever continues to re-shape its portfolio," it said.

"There can be no certainty that any agreement will be reached."

GSK declined to comment on the approach.

Earlier, Britain's Sunday Times said the Unilever bid for the business made late last year was worth roughly 50 billion pounds, and had been rejected as too low by GSK and Pfizer, which owns a minority stake in the division.