Sensodyne maker Haleon to raise stake in China JV
Adds detail on deal throughout
Sept 27 (Reuters) -British consumer healthcare company Haleon HLN.L said on Friday it has agreed to increase its stake in its Chinese joint venture to 88% from 55% for 4.47 billion yuan ($637.35 million).
The joint venture, Tianjin TSKF Pharmaceutical Co (TSKF), accounted for about 40% of Haleon's revenues from China last year, producing and distributing brands such as pain relief products Fenbid and Voltaren and wound ointment Bactroban.
The stake acquisition would be funded using its existing cash and new third-party yuan-denominated debt, Haleon said.
The acquisition marks Haleon's commitment to China, a key market for the company, and the growth potential it sees in the market, Haleon CEO Brian McNamara said in a statement.
($1 = 7.0134 Chinese yuan renminbi)
Reporting by Yadarisa Shabong in Bengaluru; Editing by Vijay Kishore
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
