BENGALURU (Reuters) - British drugmaker GlaxoSmithKline plc (L:GSK) is planning a sale of its $3.7 billion stake in Unilever Ltd's (L:ULVR) listed India unit, Bloomberg News reported https://www.bloomberg.com/news/articles/2020-04-29/glaxo-said-to-plan-sale-of-3-7-billion-stake-in-unilever-india?sref=I5jUJbND 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) (NS:HLL) 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.