By Joe Hoppe

Unilever PLC said Wednesday that it won't increase its 50 billion-pound ($67.98 billion) offer for GlaxoSmithKline PLC's majority-owned consumer healthcare division, after noting its financial assumptions and determining it doesn't change its fundamental value view.

The U.K.-based consumer-goods group said it is committed to maintaining strict financial discipline in order to ensure its acquisitions create value for its shareholders.

"Unilever also reiterates its commitment to continuing to improve the performance of its existing portfolio through its ongoing focus on operational excellence, its upcoming reorganization and by rotating the portfolio to higher growth categories," the company said.

Unilever said on Saturday that it had made an approach to Glaxo and Pfizer Inc. Glaxo had set out plans to spin off the division, but also said it would potentially be open to a sale. The unit, which is 68% owned by Glaxo and 32% by Pfizer, sells products ranging from Aquafresh toothpaste to Advil painkillers.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

January 19, 2022 12:00 ET (17:00 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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