Haleon: share price falls, Pfizer to reduce its stake
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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