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GlaxoSmithKline (GSK) to Reconsider Price for Stake in Nigerian Unit


7/24/2013 7:57:25 AM

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GlaxoSmithKline Plc (GSK), the U.K.’s biggest drug-maker, will consult Nigerian shareholders and that country’s regulator before making a fresh bid to increase its stake in the local unit. The company, which is at the center of a bribery and corruption probe in China, withdrew a plan yesterday “after the parties did not conclude on where to pitch the price,” GlaxoSmithKline Consumer Nigeria Plc (GLAXOSMI) Chairman Olusegun Osunkeye told reporters in Lagos, the commercial capital, today. “Glaxo will consult with Nigerian shareholders and regulator to come back with acceptable plan.”

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