Blackstone and Lion eye Ribena bid

Private equity firms Blackstone and Lion Capital have teamed up to make a formal bid worth more than £1bn for Lucozade and Ribena, the two soft drink brands put up for sale by drugmaker GlaxoSmithKline, Sky News reported last night. GSK has been increasingly focusing its consumer health operations on emerging markets and put Lucozade and Ribena up for sale as they no longer fit in with the company’s portfolio.