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    RB.   GB00B24CGK77

RECKITT BENCKISER GROUP PLC

(RB.)
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Delayed Quote. Delayed London Stock Exchange - 09/24 11:35:05 am
5853 GBX   +0.39%
09/24RECKITT : UBS reaffirms its Buy rating
MD
09/24RECKITT : Goldman Sachs reiterates its Neutral rating
MD
09/23RECKITT : Receives a Buy rating from JP Morgan
MD
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Reckitt Benckiser considers over $2 bln sale of Mead Johnson Greater China -sources

03/22/2021 | 10:41am EDT

HONG KONG, March 22 (Reuters) - British consumer goods company Reckitt Benckiser Group is considering selling its infant formula business in Greater China, in a deal that could value the business at more than $2 billion, two people with knowledge of the matter said.

The group has hired Morgan Stanley to conduct a strategic review of its infant formula unit Mead Johnson in Greater China, the sources said, declining to comment as the information is confidential.

A sale process could start in the second quarter after the bank gets initial feedback from potential buyers, which include both strategic and private equity firms, the sources said.

They however cautioned no decision has been made and that business valuation could change due to the impact of COVID-19.

Reckitt Benckiser and Morgan Stanley declined to comment on the strategic review.

The group announced the strategic review in February, saying multiple options were being explored.

Its 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, Reckitt Benckiser said at the time.

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

Laxman Narasimhan, Reckitt Benckiser's chief executive, said in February that challenges to the China business included Hong Kong's longer-than-expected border closure during COVID-19, local competition, a changing regulatory environment and lower birth rates in the country.

Chinese consumers have been favouring imported infant formula since the country's 2008 baby milk contamination scandal. The top four best-selling infant formula brands on e-commerce platform JD.com for example are all foreign.

However, local brands are catching up fast with brands such as Morgan Stanley-backed Feihe gaining significant market share.

China imported 335,600 tonnes of infant formula in 2020, down 2.8% year-on-year, according to the Dairy Association of China. (Reporting by Kane Wu in Hong Kong, additional reporting by Pamela Barbaglia in London; Editing by Emelia Sithole-Matarise and Ramakrishnan M.)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CLASS III MILK FUTURES (DC) - CMG (ELECTRONIC)/C1 -0.06% 16.53 End-of-day quote.4.68%
CLASS IV MILK?FUTURES (GDK) - CMG (ELECTRONIC)/C1 0.12% 16.42 End-of-day quote.0.00%
DRY WHEY?FUTURES (DY) - CMG (ELECTRONIC)/C1 0.47% 53.35 End-of-day quote.20.70%
MORGAN STANLEY -0.62% 102.91 Delayed Quote.50.17%
NONFAT DRY MILK FUTURES (GNF) - CMG (ELECTRONIC)/C1 -0.08% 127.9 End-of-day quote.13.29%
RECKITT BENCKISER GROUP PLC 0.39% 5853 Delayed Quote.-10.53%
S&P GSCI CLASS III MILK (USD) 0.00% 128.7775 Delayed Quote.-3.03%
All news about RECKITT BENCKISER GROUP PLC
09/24RECKITT : UBS reaffirms its Buy rating
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09/24RECKITT : Goldman Sachs reiterates its Neutral rating
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Analyst Recommendations on RECKITT BENCKISER GROUP PLC
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Financials
Sales 2021 13 140 M 17 962 M 17 962 M
Net income 2021 765 M 1 046 M 1 046 M
Net Debt 2021 8 418 M 11 508 M 11 508 M
P/E ratio 2021 -43,1x
Yield 2021 2,98%
Capitalization 41 804 M 57 145 M 57 145 M
EV / Sales 2021 3,82x
EV / Sales 2022 3,78x
Nbr of Employees 43 500
Free-Float 96,7%
Chart RECKITT BENCKISER GROUP PLC
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 5 853,00 GBX
Average target price 7 062,05 GBX
Spread / Average Target 20,7%
EPS Revisions
Managers and Directors
Laxman Narasimhan Group Chief Executive Officer & Executive Director
Jeff Carr Chief Financial Officer & Executive Director
Christopher A. Sinclair Chairman
Aditya Sehgal Chief Operating Officer-Health
Nicandro Durante Senior Independent Director
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