China has confirmed that it has detained two Canadian men in what appears to be retaliation for the arrest of Huawei’s chief financial officer.

The US Senate has passed a resolution stating Crown Prince Mohammed bin Salman is responsible for the killing of journalist Jamal Khashoggi.

Theresa May’s hopes of getting EU leaders to help her push her Brexit deal through parliament have been dealt a severe blow as she prepares to return home and face her party.

The UK’s big four auditors will next week face an unprecedented move to limit their market share and allow smaller rivals to gatecrash their self-confessed oligopoly as regulators shake up a sector rattled by a string of corporate collapses.

Mike Ashley has been rebuffed by Debenhams after he offered a £40m loan to bail out the struggling department store amid speculation it had “zero chance of survival”.

 

Brexit uncertainty has pushed a key measure of the housing market to a six-year low, according to surveyors.

Shares in Superdry have plunged by more than a third after it issued its second profit warning in less than two months – blaming mild weather for a potential £22m hit to its bottom line.

BRANDS TOP STORIES

Unilever to acquire most of GlaxoSmithKline’s India consumer healthcare business

Unilever-to- acquire-GBO

The company is buying a majority of the business in order to boost its footprint in one of the world’s fastest-growing major economies

The deal will see Unilever and GSK merge their Indian businesses. Once closed, GSK will hold a 5.7% stake in Hindustan Unilever (HUL).

The transaction strengthens Unilever’s presence in the emerging markets that accounts for about 2/3rds of its revenue. The Dove soap maker will make use of cash and shares from its Indian subsidiary to take control of a new venture, which includes Glaxo’s listed entity in the country.

The acquisition falls in line with Unilever’s strategy to build a sustainable and profitable Food & Refreshment (F&R) business in India, by making full use of the health and wellness trend.

 “If you look at Unilever’s foods portfolio in India, they have been seriously lagging for many years now, especially versus the global Unilever portfolio,” stated Anand Shah, an analyst at Axis Capital Ltd., Mumbai to Bloomberg, calling it a “bid to expand the entire food pie to themselves.”

Commenting on the development, Sanjiv Mehta, HUL’s Chairman and Managing Director said in a statement: “With this proposed strategic merger with GSK CH (GSK Consumer Health) India, we will be expanding our portfolio with great brands into a new category catering to the nutritional needs of our consumers.”

After the acquisition is completed, Mehta said the turnover of the company’s Foods and Refreshment (F&R) business will exceed Rs 10,000 crore.

“We will become one of the largest F&R businesses in the country,” Mehta said in the statement.

In the recent past, HUL made a number of acquisitions to diversify its offerings. Most notably, it acquired the ice cream and frozen desserts business of Vijaykant Dairy and Food Products Ltd. in the Indian state of Karnataka.

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