GlaxoSmithKline, UK Biggest Drug Maker, Pulls Plug on Nigeria Deal

Finally, UK-based GlaxoSmithKline (GSK) Plc has abandoned its plans of increasing its stake in GSK Consumer Nigeria plc. following public outcry by minority shareholders, which led to regulatory intervention. Many market watchers believe that the decision to drop this plan, signposts Britain’s biggest drug maker’s unwillingness to adhere to the Nigerian capital market regulatory instructions concerning the deal. BusinessDay learnt that the company had agreed to consult shareholders and the Securities and Exchange Commission about the proposal, including whether it should be implemented by way of a tender offer.

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