Unilever rules out major acquisitions after failed £50bn GSK bid

Unilever has ruled out any big acquisitions in the near future following its failed £50billion takeover of GlaxoSmithKline's consumer arm, as the Dove soap-maker warned its profits will be dented by soaring inflation. Unilever has ruled out big future acquisitions following its failed deal to buy GSK´s consumer arm It came during Unilever's first update to the market after its tilt to snap up GSK's consumer business – which includes brands such as Sensodyne and Panadol – was rejected by the pharmaceutical giant and heavily criticised by investors. Unilever told shareholders it expects to be hit by €2 billion of cost inflation over the first half of 2022 'We therefore do not intend to pursue major acquisitions in the foreseeable future and will conduct a share buyback programme of up to €3 billion over the next two years.' Unilever said this was driven by a 2.9 per cent increase in prices, with the remaining 1.6 per cent resulting from higher volumes as the group witnessed strong sales across its food business, with brands like Magnum and Ben & Jerry's performing particularly strongly.