Unilever PLC on Wednesday effectively abandoned its plans to buy GlaxoSmithKline's consumer healthcare business, saying that it would not raise its 50 billion pound ($68 billion) offer that GSK previously rejected.
U.S.-listed shares of Unilever rose 10.1% on the news, while GSK's fell 2.8%. The two stocks also trade on the FTSE, where the day's trading had closed.
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