StockMarketWire.com - GlaxoSmithKline said it expected to receive higher proceeds from the sale of its 5.7% stake Indian public company Hindustan Unilever following an appreciation in the latter's share price.

'When GSK originally announced the divestment of Horlicks in December 2018 the company expected gross proceeds from the overall transaction to be approximately after hedging costs, taxes and other expenses had been settled,' the company said.

'With the appreciation of HUL's share price since then, GSK now expects gross proceeds from the divestment to be £3.4bn and net proceeds from the divestment to be £2.9bn,' the company said. That was up from a previous estimates of £3.1bn and £2.4bn respectively.


At 8:06am: [LON:GSK] Glaxosmithkline PLC share price was +16.2p at 1713.2p



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