Haleon's shares were down on the London Stock Exchange on Monday, as its main shareholder, the American Pfizer, reduced its stake in the British consumer healthcare group.

Haleon announced this morning that Pfizer intends to reduce its shareholding via a placing of 630 million shares, a transaction valued at nearly two billion pounds (around $2.5 billion) at current share price levels.

Of this amount, Haleon has committed to repurchase up to 315 million pounds (around $400 billion).

Following the placement, Pfizer will remain Haleon's largest shareholder, with a stake of around 24%, compared with 32% previously.

The US pharmaceutical giant had become the owner of a stake in Haleon following the 2019 combination of its OTC business with GSK, a joint venture the latter had decided to float in 2022.

With a decline of over 2%, Haleon was one of the FTSE 100 index's biggest decliners on Monday.

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