Thu, 07 Feb 2013 | BUSINESS SALE
GlaxoSmithKline (GSK) is investigating a sale of its drinks businesses, Lucozade and Ribena.
After announcing its plans for a strategic review of its business, the pharmaceutical group received immediate interest from investment banks regarding the potential sale of some of its more successful brands. Once the deal has been finalised, estimates suggest that the brands could sell for around £766 million.
GSK announced the review of its businesses alongside figures for the fourth quarter, which showed a 35 per cent decline on the previous year's final quarter.
Bankers were quick to signal their interest in the potential sale as Sir Andrew Witty, chief executive at GSK, quipped when asked how long it had taken for bankers to get in touch: “I'm surprised it took as long as 18 minutes.”
Reports from Reuters state that he added: “No decisions have been taken or options ruled out – we could increase investments in certain parts of the world, find a partner or divest the products.”
However, the strong success of the brands is pushing the company towards the business sale option.
Both Lucozade and Ribena are firmly rooted in the European market, with Ribena clocking up most of its sales in the home UK market. This is in contrast to some of GSK's other nutritional products, such as Horlicks, which has made a big impact on some of the emerging markets such as India.
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