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GlaxoSmithKline Taps Goldman and Citi for Consumer Spinoff

  • Banks will have role defending against activist Elliott
  • Company plans to separate consumer business next year

GlaxoSmithKline Plc has hired two banks to help advise on plans to list its consumer unit next year and defend against a potential activist campaign from Elliott Investment Management, according to people familiar with the matter.

The U.K. company is working with Goldman Sachs Group Inc. and Citigroup Inc. on both fronts, the people said, asking not to be identified because the matter is private.