GSK leads FTSE 100 higher after rejecting Unilever offer for consumer arm

London's FTSE 100 rose on Monday as healthcare firm GlaxoSmithKline led gains after rejecting a 50-billion-pound takeover offer for its consumer products arm from Unilever, while energy and mining stocks also provided support. Unilever shares dropped 5.5% and were the worst performer on the index. The domestically focussed mid-cap index rose 0.1%.

London's FTSE 100 rose on Monday as healthcare firm GlaxoSmithKline led gains after rejecting a 50-billion-pound takeover offer for its consumer products arm from Unilever, while energy and mining stocks also provided support. The blue-chip FTSE 100 index gained 0.5%, with miner Glencore and energy heavyweights BP and Royal Dutch Shell among the top boosts to the index.

GlaxoSmithKline jumped 5.2% after it said over the weekend that it had rejected Unilever's offer for its consumer goods arm and would stick to its plan of spinning off the unit. Unilever shares dropped 5.5% and were the worst performer on the index.

The domestically focussed mid-cap index rose 0.1%. Homebuilders gained 0.3% after asking prices for British homes rose by the most in annual terms in nearly six years in early 2022, according to a survey.

Taylor Wimpey Plc, UK's third-largest housebuilder, gained 1.9% after joining bigger rival Persimmon Plc in underscoring sustained demand in the housing market.

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