1. Horlicks on the block Nestlé, Kraft Heinz and Unilever are expected to bid for GlaxoSmithKline’s Horlicks health nutrition business, which could fetch more than US$4bn. GlaxoSmithKline has started a strategic review of Horlicks — a malt-based drink — and some of the company’s smaller products, after buying Novartis out of its consumer health-care venture for $13bn, Reuters says. Nestlé already owns Milo. 2. Decline of a fashion giant First-quarter profit at Swedish fashion retailer H&M slumped 61% to $154m, sending its share to a 13-year low, on weak demand in its main H&M brand stores as more shoppers moved online. The company said it would be forced to implement further discounting after it experienced a larger than expected 7% increase in inventories. 3. Floating luxury French shipbuilder STX has handed the world’s biggest cruise liner, the Symphony of the Seas, to the US giant Royal Caribbean International, ahead of the ship’s maiden voyage — a seven-night Mediterranean jaunt...

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