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Sunday, January 16, 2022

United Kingdom-based pharmaceutical giant GlaxoSmithKline (GSK) confirmed January 15 it had rejected three “unsolicited, conditional and non-binding proposals” by Unilever to acquire its Consumer Healthcare division, including one bid of GBP50 billion in value made on December 20, believing Unilever “fundamentally undervalued” the business and its potential.

News that Unilever attempted to buy GSK Consumer Healthcare for 50 billion pounds, split between GBP41.7 billion in cash and 8.3 billion in Unilever shares, was first reported by The Sunday Times, and subsequently confirmed by both companies. Had the latest acquisition offer gone through, it would have been the largest deal since the beginning of the Covid-19 pandemic, and one of the biggest ever among companies listed on the London Stock Exchange.

A deal would likely mean integrating the GSK division into Unilever’s own beauty and personal care business, which has seen profit margins struggle under Covid-19 lockdowns and higher costs for plastics and petrochemicals.

A brief response on the Unilever website confirmed it “had approached GSK and Pfizer about a potential acquisition”, and adds GSK Consumer Healthcare “would be a strong strategic fit” as the company looks to rework its portfolio. GSK indicated the proposals were “carefully evaluated” by its board of directors, but unanimously rejected under the conclusion they “were not in the best interests of GSK shareholders” and “failed to reflect the intrinsic value of the business and its potential”.

The Sunday Times have indicated the latest deal did not include an acquisition premium or recognition of corporate synergies; the joint venture between GSK and healthcare firm Pfizer, which holds a minority stake in the company, was initially projected to generate GBP500 million in cost savings by this year and realise “substantial cost synergies”. The BBC’s business editor Simon Jack wrote that a standard takeover premium would be about 30%, but could be reduced over the GBP10 billion in debt GSK was predicted to “leave on the books”, of the GBP22 billion net debt GSK reported for Q3 2021.

The deals were assessed by the Board respective of a proposed demerger of GSK Consumer Health into a separate PLC in the middle of this year. Jack wrote GSK “always” had “an open mind to a trade sale to another party if the price was right.” Unilever did not take into account the standard takeover premium, the value of cost savings and Board confidence Consumer Health could deliver “superior organic sales growth” of between four and six per cent in the medium term. This was despite valuations of about GBP50 billion by Goldman Sachs and Barclays analysts, and a lower GBP45 billion valuation by Jeffries Group.

There are no current talks between Unilever and either Pfizer or GSK, and the Unilever statement reads: “There can be no certainty that any agreement will be reached.” Under CEO Alan Jope, Unilever has focused its investments and marketing on brands which “communicate a strong environmental or social purpose” by streamlining its holdings in items like beauty products and tea. Jope previously said Unilever would concentrate on smaller takeovers in industries like luxury beauty and wellness.

However, Russ Mould, investment director at AJ Bell, told the BBC this would be a “high risk deal” at a time investors are cautious about GSK’s performance, but also a time of rising inflation he says encourages “consumer goods with loyal customers”. Mould added despite strong cashflow, Unilever had recently missed targets on sales and profit margins, putting pressure on the CEO.

Pressure by activist shareholders Elliott Management Corporation and Bluebell Capital Partners have also mounted against GSK CEO Emma Walmsley over the unit’s failure to develop a Covid-19 vaccine and Walmsley’s own lack of scientific experience. GSK has been involved in the ongoing development of a Covid-19 vaccine with French biopharmaceutical company Sanofi, and announced preliminary results from Phase 3 trials last month.

In 2018, Unilever bought several consumer nutritional products from GSK, including its flagship product Horlicks, and merged its Indian subsidiary, Hindustan Unilever, with GSK Consumer Healthcare India.

Monday, December 2, 2013

Police in the West Midlands in England today said nearly 200 kilograms worth of drugs with value possibly as great as £30 million (about US$49 million or €36 million) has been seized from a unit in the town of Brownhills. In what an officer described as “one of the largest [seizures] in the force’s 39 year history”, West Midlands Police reported recovering six big cellophane-wrapped cardboard boxes containing cannabis, cocaine, and MDMA (“ecstasy”) in a police raid operation on the Maybrook Industrial Estate in the town on Wednesday.

The seized boxes, which had been loaded onto five freight pallets, contained 120 one-kilogram bags of cannabis, 50 one-kilogram bags of MDMA, and five one-kilogram bricks of cocaine. In a press release, West Midlands Police described what happened after officers found the drugs as they were being unloaded in the operation. “When officers opened the boxes they discovered a deep layer of protective foam chips beneath which the drugs were carefully layered”, the force said. “All the drugs were wrapped in thick plastic bags taped closed with the cannabis vacuum packed to prevent its distinctive pungent aroma from drawing unwanted attention.” Police moved the drugs via forklift truck to a flatbed lorry to remove them.

Detective Sergeant Carl Russell of West Midlands Police’s Force CID said the seizure was the largest he had ever made in the 24 years he has been in West Midlands Police and one of the biggest seizures the force has made since its formation in 1974. “The impact this seizure will have on drug dealing in the region and the UK as a whole cannot be underestimated”, he said. “The drugs had almost certainly been packed to order ready for shipping within Britain but possibly even further afield. Our operation will have a national effect and we are working closely with a range of law enforcement agencies to identify those involved in this crime at whatever level.”

Expert testing on the drugs is ongoing. Estimates described as “conservative” suggest the value of the drugs amounts to £10 million (about US$16.4 million or €12 million), although they could be worth as much as £30 million, subject to purity tests, police said.

Police arrested three men at the unit on suspicion of supplying a controlled drug. The men, a 50-year-old from Brownhills, a 51-year-old from the Norton area of Stoke-on-Trent in Staffordshire, and one aged 53 from Brownhills, have been released on bail as police investigations to “hunt those responsible” continue. West Midlands Police told Wikinews no person has yet been charged in connection with the seizure. Supplying a controlled drug is an imprisonable offence in England, although length of jail sentences vary according to the class and quantity of drugs and the significance of offenders’ roles in committing the crime.

Monday, June 21, 2010

Sweden’s first royal wedding since 1976 took place Saturday when Crown Princess Victoria, 32, married her long-time boyfriend and former personal trainer, Daniel Westling, 36. The ceremony took place at Stockholm Cathedral.

Over 1,200 guests, including many rulers, politicians, royals and other dignitaries from across the world, attended the wedding, which cost an estimated 20 million Swedish kronor. Victoria wore a wedding dress with five-metre long train designed by Pär Engsheden. She wore the same crown that her mother, Queen Silvia, wore on her wedding day 34 years previously, also on June 19. Victoria’s father, King Carl XVI Gustaf, walked Victoria down the aisle, which was deemed untraditional by many. In Sweden, the bride and groom usually walk down the aisle together, emphasising the country’s views on equality. Victoria met with Daniel half-way to the altar, where they exchanged brief kisses, and, to the sounds of the wedding march, made their way to the the silver altar. She was followed by ten bridesmaids. The couple both had tears in their eyes as they said their vows, and apart from fumbling when they exchanged rings, the ceremony went smoothly.

Following the ceremony, the couple headed a fast-paced procession through central Stockholm on a horse-drawn carriage, flanked by police and security. Up to 500,000 people are thought to have lined the streets. They then boarded the Vasaorden, the same royal barge Victoria’s parents used in their wedding, and traveled through Stockholm’s waters, accompanied by flyover of 18 fighter jets near the end of the procession. A wedding banquet followed in the in the Hall of State of the Royal Palace.

Controversy has surrounded the engagement and wedding between the Crown Princess and Westling, a “commoner”. Victoria met Westling as she was recovering from bulemia in 2002. He owned a chain of gymnasiums and was brought in to help bring Victoria back to full health. Westling was raised in a middle-class family in Ockelbo, in central Sweden. His father managed a social services centre, and his mother worked in a post office. When the relationship was made public, Westling was mocked as an outsider and the king was reportedly horrified at the thought of his daughter marrying a “commoner”, even though he did so when he married Silvia. Last year, Westling underwent transplant surgery for a congenital kidney disorder. The Swedish public have been assured that he will be able to have children and that his illness will not be passed on to his offspring.

Westling underwent years of training to prepare for his new role in the royal family, including lessons in etiquette, elocution, and multi-lingual small talk; and a makeover that saw his hair being cropped short, and his plain-looking glasses and clothes being replaced by designer-wear.

Upon marrying the Crown Princess, Westling took his wife’s ducal title and is granted the style “His Royal Highness”. He is now known as HRH Prince Daniel, Duke of Västergötland. He also has his own coat-of-arms and monogram. When Victoria assumes the throne and becomes Queen, Daniel will not become King, but assume a supportive role, similar to that of Prince Phillip, the husband of the United Kingdom’s Queen Elizabeth II.

Thursday, May 11, 2006

The Australian House of Representatives heard the traditional right-of-reply to the Budget released May 9, from the Australian Labor Party, led by Kim Beazley (Labor, Brand), plus Budget replies from minor parties in the Australian Senate.

While the Budget is politically popular, having as one of its main features significant tax reform, Beazley focused on the omissions in the Budget, such as the failure to address a skills shortage.

Sunday, May 21, 2006

New Delhi — Almost 10,000 people marched to Jantar Mantar from Maulana Azad Medical College in an anti-reservation rally on Saturday. Doctors and medical students say they will continue to strike and protest, despite an appeal from the prime minister to call off their agitation.

Students from Delhi University and medical colleges around the capital, parents, lawyers, and accountants joined the striking medicos, under the banner of ‘Youth for Equality’.

The students and their supporters want total rollback of a proposed quota-hike for Other Backward Classes (OBCs) in elite educational institutions, and a review of the present reservation policy. “There are very less seats in the post-graduate streams compared to the undergraduate courses. Hence the reservation move will affect the future of majority students,” said student leader Praful Raj.

The students have support from many groups. They were led by the Youth for Equality, an AIIMS initiative, while United Students, a DU and JNU group, IIT alumni, RWAs (under the banner of United Residents Joint Action), Resident Doctors Associations from various government and private hospitals, Chartered Accountant’s Association, students from private universities like IP, and parents of agitating students also joined in.

Students from medical colleges in Rajasthan, Orissa, Gujarat, Punjab and Karnataka also took part in the rally. Students and doctors say the government has showed “scant regard to the sentiments of the students”, who have been protesting the proposed quota-hike for OBCs in elite educational institutions.

The students had appealed to Prime Minister Manmohan Singh to set up a non-political judicial committee to review the existing reservation policy and sought an audience with him to discuss the issue.

Thursday, March 1, 2007

At least 10,300 gallons of a toxic chemical, Cumene, also called isopropyl benzene, which is generally used in paint thinner, fuels, and rubber, spilled from a barge after it hit a wall of an underwater moveable dam in the Ohio River between Illinois and Kentucky, according to the United States Coast Guard.

“There’s a tremendous volume of water going through there, so there’s a dilution factor, and this will be taken into consideration as they try to take measures to contain it,” said a spokeswoman for the Illinois Environmental Protection Agency, Maggie Carson.

The barge, which held at least 960,000 gallons of the chemical, hit the dam owned by Kirby Marine at Brookport, Illinois. The barge still blocks the river, leaving the waterway open to traffic going in one direction at a time for at least one mile on the river.

Authorities have stated that the drinking water is okay to drink and that as of the moment the toxin has not been found in any water pumps in the area.

“I would say it’s not particularly dangerous. Any spill is serious … but my answer would be that there would not be a risk to human health,” said a spokesperson for Kirby Marine, Mark Buese.

It is not known what the environmental impact might be, but according to U.S. Coast Guard Lt. Wayne Chapman, the chemical floats on the surface of water so it will evaporate quickly.

Exposure to the chemical can cause headaches, eye irritation, nose and throat irritation, as well as some dizziness. Any animals that have been exposed directly to the chemical could also be at risk.

It is still not known what caused the crash.

Saturday, May 14, 2005

Myrtle Beach, South Carolina —This weekend is the kick-off for two motorcycle rallies held annually in the U.S. eastern seacoast town of Myrtle Beach. Enthusiasts this year are expected to meet or exceed the 170,000 bikers that arrived last year in droves to the small resort town of 23,000. Festivities span two weeks, and extend again this year into the Memorial Day.

Leading off is the week-long Harley rally, followed by the next week’s BikeFest. In and around town, both day and night are punctured by the sounds of bike engines gunned and revved at stop lights and in parking lots. Groups of cycle riders dominate the streets.

“By Friday night, the front parking lot will be a full line of motorcycles to the corner.” said motel owner Ranjan Patel. The Super 8 motel takes up half a block at its location in the heart of the downtown motel strip. “Both sides [of Ocean Blvd] are nothing but bikes.” Both she and her co-owner husband agree, the influx of bikers dwarf in size the numbers of tourists who visit during regular summer months for ocean-side and family amusement park attractions.

The highly accesorised bikes, decked with chrome and polished to show it, flashed the townscape. Choppers made a showing, but road hogs dominated the ridership, often going twosome. Many rally goers arrived on the scene with SUV’s or big pickup trucks towing cargo trailers loaded with cycles.

Growth in the sheer size of the two rallies led police to make changes in the handling of traffic flow. During BikeFest last year, the mostly black crowd that came in on the heels of the largely white Harley rally the week earlier, were faced with confusion when the two-lane Ocean Blvd was made one-way.

A branch of the NAACP in Conway, the next town over from Myrtle Beach, alleged discrimination by Horry County and Myrtle Beach Police. They claimed authorities and police used an overwhelming and aggressive police presence, combined with a restrictive one-way traffic pattern, to intimidate and discourage the participants in the rally.

An injunction was issued earlier this week by U.S. District Judge Terry Wooten, who ruled that bikers at both rallies be treated the same. Myrtle Beach city lawyers immediately filed an appeal to the ruling at the Fourth U.S. Circuit Court of Appeals, saying “the trial court erroneously determined that the plaintiffs would likely succeed on the merits; that is, that the city of Myrtle Beach intentionally treats Memorial Day weekend tourists differently from others similarly situated because of their race.”

A plan to submit an opposition to the notice has already been announced by Michael Navarre, an attorney for Steptoe & Johnson, who represents the NAACP civil rights group. “We certainly don’t think the judge has ruled erroneously,” Navarre said, according to The Sun News.

Traffic control and safety measures were in full swing Friday morning on US-17. Both directions of the 4-lane divided highway south of Myrtle Beach had traffic cones and parking barriers set up to control traffic. Large flashing road signs on each side of the highway warned cars to use the passing lane. The warning sign flashed a message that the right lane was for motorcycle use only. Police monitored the pull-offs near a Harley dealer’s lot where popular attractions were set-up in the immediate vicinity.

Monday, October 30, 2006

The upcoming 2006 Brampton municipal election, to be held November 13, features an array of candidates looking to represent their wards in city council or the council of the Peel Region.

Wikinews contributor Nick Moreau contacted many of the candidates, including Bill Bousfield, asking them to answer common questions sent in an email. This ward’s incumbent is Elaine Moore; also challenging Moore is Janet Hamilton and Tejinder Lamba.