Unilever PLC on Wednesday effectively abandoned its plans to buy GlaxoSmithKline's consumer healthcare business, saying that it would not raise its 50 billion pound ($68 billion) offer that GSK previously rejected.
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In a statement rebuffing Unilever's overtures last weekend, GSK said the bid failed to capture the unit's potential, releasing new forecasts that projected annual organic sales growth of 4%-6% for the business, which made sales of 9.6 billion pounds last year, over the medium term. The British drug maker said it intends to further share details of its strategy for the consumer brands unit at an investor day on 28 February.
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