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    2319   KYG210961051

CHINA MENGNIU DAIRY COMPANY LIMITED

(2319)
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Reckitt shortlists bidders for $2 billion Mead Johnson China business - sources

05/14/2021 | 01:23am EDT
FILE PHOTO: Products produced by Reckitt Benckiser; Vanish, Finish, Dettol and Harpic are seen in London

HONG KONG (Reuters) - British consumer goods company Reckitt Benckiser Group has shortlisted bidders including Bain Capital, Carlyle Group and dairy producer Yili to submit binding offers for its Greater China infant formula business, sources said.

The group has hired Morgan Stanley to run an auction of infant formula unit Mead Johnson in Greater China, in a deal that could fetch over $2 billion. Morgan Stanley declined to comment.

Also on the shortlist are Sequoia Capital China teaming up with its portfolio company Shijiazhuang Junlebao Dairy Co, and private equity firm KKR & Co, said the sources, who declined to be named as the information is confidential.

Carlyle is bidding jointly with CITIC Capital, said two of the people.

Shortlisted bidders are to submit binding bids by June 11, said another two of the sources.

Bain, Carlyle, KKR and Sequoia China declined to comment. Reckitt, CITIC Capital, Junlebao and Inner Mongolia Yili Industrial Group did not immediately respond to requests for comment.

Reckitt's sale of Mead Johnson China comes as the world's second largest economy this week reported its slowest population increase since the first modern population survey in the 1950s, with birth rates declining to the levels seen in ageing societies like Japan and Italy.

The exit also follows French dairy giant Danone which sold its 9.8% stake in China Mengniu Diary this week for about $1.6 billion euros.

Some investors are wary of how China's demographic shift is going to impact the infant formula industry, said the sources.

Hong Kong border closures during the pandemic has also weighed in on Reckitt's infant formula business, its executives have said.

Reckitt's Greater China infant formula business represents 6% of group sales, which were almost 14 billion pounds ($19.8 billion) in 2020, up 11.8% year-on-year, it said in February.

U.S.-headquartered Mead Johnson, which Reckitt bought for $16.6 billion in 2017, runs a range of infant formula brands including Enfamil, Enfapro and Lactum.

(Reporting by Kane Wu; Additional reporting by Julie Zhu; Editing by Sumeet Chatterjee)

By Kane Wu


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA MENGNIU DAIRY COMPANY LIMITED -1.63% 45.2 End-of-day quote.-3.42%
CITIC LIMITED -3.09% 8.79 End-of-day quote.60.11%
CITIC SECURITIES COMPANY LIMITED -2.81% 24.94 End-of-day quote.-15.17%
DANONE 0.42% 59.62 Real-time Quote.10.44%
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD. -2.92% 38.26 End-of-day quote.-13.77%
KKR & CO. INC. -0.80% 56.01 Delayed Quote.39.54%
MORGAN STANLEY -1.01% 91.13 Delayed Quote.34.32%
RECKITT BENCKISER GROUP PLC 1.34% 6576.3705 Delayed Quote.-0.83%
THE CARLYLE GROUP INC. -0.26% 44.065 Delayed Quote.40.52%
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Financials
Sales 2021 87 172 M 13 625 M 13 625 M
Net income 2021 5 067 M 792 M 792 M
Net Debt 2021 8 255 M 1 290 M 1 290 M
P/E ratio 2021 28,7x
Yield 2021 0,93%
Capitalization 147 B 22 996 M 22 991 M
EV / Sales 2021 1,78x
EV / Sales 2022 1,54x
Nbr of Employees 40 626
Free-Float 68,7%
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Mean consensus BUY
Number of Analysts 28
Average target price 43,26 CNY
Last Close Price 37,26 CNY
Spread / Highest target 32,6%
Spread / Average Target 16,1%
Spread / Lowest Target -20,1%
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Min Fang Lu Chief Executive Officer & Executive Director
Ping Zhang Chief Financial Officer & Vice President
Lang Chen Chairman
Wei Zu Yu Vice President-Research, Development & Innovation
Julian Juul Wolhardt Independent Non-Executive Director
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