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Under-pressure Unilever has ruled out making major takeovers any time soon, and announced a new share buyback up to €3bn, to placate shareholders alarmed by its botched attempt to buy GlaxoSmithKline’s consumer healthcare arm.
The firm behind Marmite, Dove soap, Hellmann’s mayonnaise and Ben & Jerry’s ice-cream told shareholders that it has got the message that it must take a ‘measured’ approach.
Reporting its final results for last year, Alan Jope, Unilever’s chief executive officer, says:
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 and will conduct a share buyback programme of up to €3 billion over the next two years.”
Unilever, which has faced pressure to improve its performance, has also reported its…