Unilever has ruled out pursuing major acquisitions “in the foreseeable future” after an abortive £50bn bid for GlaxoSmithKline’s consumer health business sparked a backlash from shareholders.
Instead, the maker of Dove soap, Hellmann’s mayonnaise and Domestos bleach said on Thursday it would buy back up to €3bn of shares over the next two years as it seeks to appease an investor base frustrated by the group’s languishing stock price.
“We have engaged extensively with our shareholders in recent weeks and received a strong message that the evolution of our portfolio needs to be measured. We therefore do not intend to pursue major acquisitions in the foreseeable future,” said Alan Jope, chief executive.
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