LONDON (Reuters) – Consumer goods giant Unilever has made a bid for pharmaceutical group Glaxosmithkline’s consumer goods business worth roughly 50 billion pounds ($68.4 billion), Britain’s Sunday Times reported.

GSK and Pfizer, which owns a minority stake in the division, were understood to have rejected the offer on the basis that it was too low, the newspaper said.

($1 = 0.7314 pounds)

(Reporting by Mrinmay Dey in Bengaluru; Writing by William Schomberg; Editing by Mark Heinrich)