(Bloomberg) -- Unilever Plc has confirmed it approached GlaxoSmithKline Plc to acquire its consumer health care business in a statement on Saturday.

The statement follows a Times report saying that Glaxo rejected an unsolicited takeover offer from Unilever for its consumer goods unit that valued the business at about 50 billion pounds (($68.4 billion).

“There can be no certainty that any agreement will be reached,” said the statement.

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