(Reuters) – Shares in consumer goods giant Unilever inched roughly 2% higher on Thursday after it said late on Wednesday it would not raise its rejected 50 billion pound ($68 billion) offer for GlaxoSmithKline’s consumer healthcare business.

Shares in GSK fell 1.5% after Unilever effectively ended its pursuit of a business that the pharmaceuticals company plans to spin off later this year.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Keith Weir and Shounak Dasgupta)