VENTURE CAPITAL POST

Unilever revealed Tuesday its plan to cut 7,500 jobs and split up its ice cream unit, which handles popular brands such as Magnum and Ben & Jerry's, to reduce costs and boost profits.

Unilever has unveiled a 1.5 billion euro ($1.6 billion) share buyback program for 2024 following an increase in sales volumes for the first time in 10 quarters.

The strengthening of the US dollar has been hitting Procter & Gamble hard as the company reported its biggest sales drop in seven quarters. The company also cited weak demand especially in the overseas market as the reason behind the low sales performance.

Procter & Gamble Co said it would sell its soap brands Camay and Zest to Unilever Plc for an undisclosed amount to focus on its faster-growing brands.

Startup Lifesum has taken in investment from Bauer Media Group and SparkLabs Global Ventures valued USD6.7 million, reported Bloomberg.

Unterfohring, Germany-based mass media broadcasting firm ProSiebenSat.1 picked up a minority stake in Beverly Hills, US-based multichannel network Collective Digital Studio (CDS) for an undisclosed amount for expansion purposes.

Philippine-based food and beverage manufacturer RFM Corp bought the Royal brand and pasta business from UK-based firm Unilever Group in a deal valued at approximately $47.8 million (PHP2.1 billion).

The Reserve Bank of India recently announced that multinational companies can hike their stakes in Indian arms without its approval. Many MNCs are now looking to increase their stakes, go for a merger or de-list their local units.

Unilever attributes its declining sales to the slowdown in emerging markets, and Chief Executive Officer Paul Polman urges countries in these markets to create structured economic policies real soon.

Unilever announced increased in stake holdings for Hindustan Unilever, the company’s Indian unit, for Eur2.45 billion.

Unilever was unable to raise its holding in Hindustan Unilever Ltd (HUVR) to its goal of 75%.