Is GSK planning a takeover bid for AHP?
GlaxoSmithKline is reportedly planning a takeover bid for American HomeProducts worth some L150 billion ($216.8 billion), according to The Observer newspaper, which cites company insiders as saying that a top-level task force has been set up to find potential acquisitions.
Over three years ago, SmithKline Beecham (then led by Jan Leschly) jilted AHP at the altar in favor of a tie-up with Glaxo Wellcome, though this initial deal between the two UK-based firms foundered (Marketletter February 9, 1998). However, the Observer makes the claim that GSK's chief executive, Jean-Pierre Garnier, "still admires AHP greatly from his SmithKline days," and an insider told the newspaper that "the two fit like a glove, strong in vaccines and consumer products."
Too soon for acquisitions?
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