Unilever drinks up GSK's Horlicks business

|By:, SA News Editor

Fighting off competition from Nestle (OTCPK:NSRGY) and Coca-Cola (NYSE:KO), Unilever (NYSE:UN) has agreed to buy GlaxoSmithKline's (NYSE:GSK) consumer nutrition business for €3.3B, expanding its footprint in India with the popular hot malted beverage Horlicks.

It will pay for the deal in cash and shares of its listed Indian subsidiary.

The Horlicks product line fits the bill for global consumer goods companies hunting for assets to satisfy demand for healthy and convenient foods.

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