Sunday, January 16, 2022

United Kingdom-based pharmaceutical giant GlaxoSmithKline (GSK) confirmed January 15 it had rejected three “unsolicited, conditional and non-binding proposals” by Unilever to acquire its Consumer Healthcare division, including one bid of GBP50 billion in value made on December 20, believing Unilever “fundamentally undervalued” the business and its potential.

News that Unilever attempted to buy GSK Consumer Healthcare for 50 billion pounds, split between GBP41.7 billion in cash and 8.3 billion in Unilever shares, was first reported by The Sunday Times, and subsequently confirmed by both companies. Had the latest acquisition offer gone through, it would have been the largest deal since the beginning of the Covid-19 pandemic, and one of the biggest ever among companies listed on the London Stock Exchange.

A deal would likely mean integrating the GSK division into Unilever’s own beauty and personal care business, which has seen profit margins struggle under Covid-19 lockdowns and higher costs for plastics and petrochemicals.

A brief response on the Unilever website confirmed it “had approached GSK and Pfizer about a potential acquisition”, and adds GSK Consumer Healthcare “would be a strong strategic fit” as the company looks to rework its portfolio. GSK indicated the proposals were “carefully evaluated” by its board of directors, but unanimously rejected under the conclusion they “were not in the best interests of GSK shareholders” and “failed to reflect the intrinsic value of the business and its potential”.

The Sunday Times have indicated the latest deal did not include an acquisition premium or recognition of corporate synergies; the joint venture between GSK and healthcare firm Pfizer, which holds a minority stake in the company, was initially projected to generate GBP500 million in cost savings by this year and realise “substantial cost synergies”. The BBC’s business editor Simon Jack wrote that a standard takeover premium would be about 30%, but could be reduced over the GBP10 billion in debt GSK was predicted to “leave on the books”, of the GBP22 billion net debt GSK reported for Q3 2021.

The deals were assessed by the Board respective of a proposed demerger of GSK Consumer Health into a separate PLC in the middle of this year. Jack wrote GSK “always” had “an open mind to a trade sale to another party if the price was right.” Unilever did not take into account the standard takeover premium, the value of cost savings and Board confidence Consumer Health could deliver “superior organic sales growth” of between four and six per cent in the medium term. This was despite valuations of about GBP50 billion by Goldman Sachs and Barclays analysts, and a lower GBP45 billion valuation by Jeffries Group.

There are no current talks between Unilever and either Pfizer or GSK, and the Unilever statement reads: “There can be no certainty that any agreement will be reached.” Under CEO Alan Jope, Unilever has focused its investments and marketing on brands which “communicate a strong environmental or social purpose” by streamlining its holdings in items like beauty products and tea. Jope previously said Unilever would concentrate on smaller takeovers in industries like luxury beauty and wellness.

However, Russ Mould, investment director at AJ Bell, told the BBC this would be a “high risk deal” at a time investors are cautious about GSK’s performance, but also a time of rising inflation he says encourages “consumer goods with loyal customers”. Mould added despite strong cashflow, Unilever had recently missed targets on sales and profit margins, putting pressure on the CEO.

Pressure by activist shareholders Elliott Management Corporation and Bluebell Capital Partners have also mounted against GSK CEO Emma Walmsley over the unit’s failure to develop a Covid-19 vaccine and Walmsley’s own lack of scientific experience. GSK has been involved in the ongoing development of a Covid-19 vaccine with French biopharmaceutical company Sanofi, and announced preliminary results from Phase 3 trials last month.

In 2018, Unilever bought several consumer nutritional products from GSK, including its flagship product Horlicks, and merged its Indian subsidiary, Hindustan Unilever, with GSK Consumer Healthcare India.

Tuesday, April 22, 2014

Coinciding with Easter Sunday, Glasgow Cannabis Social Club’s annual 420 event was held on Glasgow Green, under sunny blue skies, and overlooking the river Clyde. Despite the city’s council attempting to revoke permission for the gathering at the last minute, police were happy for it to go-ahead with approximately a dozen officers attending in high-visibility vests.

The Daily Record reported five arrests were made for minor offences, likely smoking and possession of small quantities of cannabis. Taking a less-sensational — and more accurate — line of reporting, the Monday edition of Glasgow’s Evening News stated five were referred to the Procurator Fiscal who is responsible for deciding if charges should be brought.

Official figures provided by the police were that 150 attended. With people coming and going, Wikinews reporters estimated upwards of 200 attended, compared to nearly 700 who had signed up for the event on Facebook. Hemp goods were advertised and on sale at the event, and some attendees were seen drinking cannabis-themed energy drinks.

“I was searched and charged under the Misuse of Drugs Act (which is a lot of bollocks)” one attendee noted online, adding “not fair to happen on a brilliant day like it was, other than that I had a great day!” A second said they were openly smoking and ignored by police, who “were only really focusing on people who looked particularly young”.

Cannabis seeds were openly and legally sold at the event and a hydroponics supplier brought a motortrike towing an advertising trailer. Actually growing cannabis is, however, illegal in the UK.

With the event openly advocating the legalisation of cannabis, speakers put their arguments for this to a receptive crowd. Retired police officer James Duffy, of Law Enforcement Against Prohibition, spoke of the failed United States alcohol prohibition policy; stressing such policies needlessly bring people into contact with criminal elements. Highlighting other countries where legalisation has been implemented, he pointed out such led to lower crime, and lower drug use overall.

One speaker, who produced a bottle of cannabis oil he had received through the post, asserted this cured his prostate cancer. Others highlighted the current use of Sativex by the National Health Service, with a cost in-excess of £150 for a single bottle of GW Pharmaceuticals patented spray — as-compared to the oil shown to the crowd, with a manufacturing cost of approximately £10.

Similar ‘420’ pro-cannabis events were held globally.

Wednesday, January 12, 2005

This afternoon the RAF launched an operation to rescue nineteen sailors from a Spanish trawler in difficulties in a North Atlantic storm.

Radio contact with the FV Cibeles was lost yesterday evening at 2030 UTC when the crew reported to the ship’s owners that they were in trouble. Last night, UK Coastguard picked up a satellite emergency beacon signal as winds reached speeds of over 70 mph.

This morning a RAF Nimrod maritime patrol aircraft located the ship adrift 180 miles off the Scottish Western Isles. A nearby tanker, the Aegean Spirit, diverted with the intention of taking the trawler in tow and arrived at 1500 UTC.

However, the tanker was unable to take the trawler on tow, and with no other vessels capable of towing the ship nearby, the Coastguard Rescue Seeking helicopter “Mike Uniform” was launched from Stornoway to extract the crew. The tanker remained on scene to offer some protection from the weather, currently reported as gale force winds and rough seas.

• Joanne Groenenberg. “COASTGUARD HELICOPTER “MIKE UNIFORM” TO EVACUATE CREW FROM SPANISH FISHING VESSEL” — UK Coastguard, January 12, 2005

Tuesday, April 11, 2006

Zach Scruggs, a lawyer for United States Senator Trent Lott, says that State Farm Insurance Company is destroying records related to claims for damage from Hurricane Katrina.

The records allegedly contain information saying that State Farm fraudulently denied insurance claims made by its policy holders, including Lott, that had homes there were damaged or destroyed when Hurricane Katrina came ashore on the Gulf Coast.

Scruggs said that Lott has “good faith belief” that many employees of the insurance company in Biloxi, Mississippi are destroying engineer’s reports that were inconclusive as to whether or not water or wind was the main cause of damage to the buildings affected by the hurricane.

Lott is among thousands of home and/or business owners who had their property damaged or destroyed during the hurricane and had their claims denied because State Farm claimed that their policies don’t cover damage caused by floods or water that was driven by the wind.

State Farm has not issued a statement on the matter so far.

Monday, October 29, 2018

On Friday, US-based technology giant Microsoft confirmed acquisition of software code hosting and version controlling website GitHub. The announcement was made by Microsoft via their official blog, which also mentioned Nat Friedman was to become new Chief Executive Officer of GitHub.

Microsoft had announced plans to acquire GitHub for a price of 7.5 billion US dollars (USD) on June 4. On October 19, the European Union’s regulators approved the acquisition. According to the June announcement, Microsoft was to pay the amount in stock.

After Microsoft made the announcement, Microsoft CEO Satya Nadella tweeted, saying, “I’m thrilled to welcome GitHub to Microsoft. Together, we will continue to advance GitHub as a platform loved by developers and trusted by organizations.”

In a GitHub blog titled “Pull request successfully merged. Starting build…”, Nat Friedman said making the platform “accessible to more developers around the world” as well as “[r]eliability, security, and performance” were in “top of mind for” them. He also stated, “GitHub will operate independently as a community, platform, and business” and “will retain its product philosophy”, keeping “its developer-first values”. He also wrote today was to be his first day as GitHub’s CEO.

Friedman was previously the CEO of Xamarin, a software company that allows developers to create native iOS, Android and Windows phone applications written in the C# programming language. Microsoft acquired Xamarin in 2016.

According to Friedman’s blog, GitHub is used by more than 31 million developers worldwide. Technology giants including companies like Airbnb, Apple, Google, Facebook and Microsoft itself have been using GitHub for their open-source projects. However, on May 31, days before Microsoft announced plans for GitHub acquisition, desktop environment software GNOME completed moving from GitHub to GitLab, another software code sharing, hosting and version control providing website, a competitor of GitHub.

Saturday, January 7, 2012

Japan Airlines (JAL) is planning on relisting its shares in an IPO on the Tokyo Stock Exchange. By September, JAL shareholders intend to sell between ¥500 billion and ¥1 trillion (US$6.4b – US$12.8b, €5b – €10b).

If the sale goes into high-end estimates, it will make JAL the largest airline in the world by market value. It will also be the largest IPO in Japan since the 2010 listing of Dai-Ichi Life. However, Senri Sasahara, chief executive officer of Innovative Advisor Corp, said “The amount sought may be a bit too ambitious.”

JAL entered bankruptcy protection in January 2010 and was later given a government bailout. When it was delisted from TSE, it cut one-third of its workers, and reduced the benefits of remaining employees. JAL emerged from bankruptcy in March 2011. Since then, it has posted a record ¥188.4 billion (US$2.4b, €1.9b) in profit for fiscal year 2010.

JAL faces growing competition from discount airlines, such as AirAsia Japan and Peach. In response, JAL entered into a joint venture to form a low-cost carrier with JetStar Airways.

Monday, June 5, 2017

Conductor Sir Jeffrey Tate died on Friday. He was born on April 28, 1943 in Salisbury, England with spina bfida and kyphosis.

Tate moved with his family to Farnham, Surrey and attended school there. Despite his disabilities, he achieved a four-decade career conducting operatic and symphonic music, following a medical degree from Cambridge and medical residency at St Thomas’ Hospital, London. He began in London Opera Centre with a scholarship and was a Royal Opera House répétiteur in 1971.

He recorded ten complete operas with director Georg Solti. He also assisted Pierre Boulez with Der Ring des Nibelungen at Bayreuth in 1976, and later conducted the complete Ring himself more than twenty times, and the complete Lulu on its premier at the Paris Opera in 1979.

He was knighted six weeks before his death, for his services to music, as part of the 2017 New Year Honours.

He was in Lombardy, Italy when he died, reportedly in rehearsal due to a heart attack, at the age of 74.