Glaxo courts Qatar to fend off takeover bid

Glaxosmithkline is courting the sovereign wealth funds of Qatar and Singapore as investors in a listing of its £50 billion consumer business as it seeks to head off a risky takeover by Unilever. The pharmaceuticals titan will formally open discussions with state-owned funds after GSK’S capital markets day next month in a bid to shore up support ahead of a float slated for mid-2022. Unilever was yesterday forced to defend offering £50 billion last year in its rebuffed proposal.

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