Nestlé, Unilever and Coca-Cola targeting GSK’s Horlicks ($3bn)

The Financial Times has reported today that the three major FMCG multinationals–Nestlé, Unilever and Coca-Cola–have submitted a bid to GlaxoSmithKline for Horlicks, an Indian manufacturer of malted drinks. The offers are approximately worth $2.5bn-$3bn, the article reports. GSK has allowed itself two weeks to weigh the most interesting proposals. Horlicks company generated sales of GBP550m in 2017. The transaction, worth $3bn, would result in GSK partially offsetting the debt created by acquiring full control of the Consumer Health division, formerly a GSK-Novartis JV–the acquisition cost $13bn. Importantly, Coca-Cola is already targeting Complan, an energy drink producer owned by the Kraft Heinz group.

(Source: FT)