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“Haleon went straight into the FTSE 100 index, with its shares closing at 314.00p, giving it a market value of around GBP30 billion. GSK's market capitalisation stands at around GBP70 billion. As a result, the lowest ranked FTSE 100 stock based on closing prices on Monday will be demoted to the FTSE 250 to make room for Haleon, index provider FTSE Russell previously said.”
As a long term holder of a sizeable chunk of GSK shares, I am very happy with the rejection of ULVR. I have quite a few ULVR as well, but out of the two, GSK is more likely to impress over next few years. It might be held back a bit by the overhang, but that shouldn't affect earnings or divs. I see it as a buying opportunity. Selling to ULVR would have been a short term win and a long term loss.
A takeover at about 410p would cost about £40 Billion with £10 Billion debt = £50 Billion
C
No - enterprise value of £50 Billion.
Current enterprise value is about £40 Billion
Evanescent, Grezzz has a point. GSK rejected ULVR an offer for HLN of c £20b higher than current value whilst probably spending a ridiculous amount on coming up with the name Haleon which has a meaning (Good health and Strength) in complete contrast to the loss of c £20b. The BOD of old GSK are the dicks if anyone is.
h69
''What I can’t understand is why they didn’t sell to Unilever for 50 billion when HALEON is only worth 30-33 billion?''
Te GSK board thought it undervalued the business.
That was £50 billion enterprise value - there is £10 Billion debt on the books.
So that, very roughly would be equivalent of Unilever making a bid now at about 410p. Would the Haleon BOD be happy to sell out at that level?
I think it was admitted in much the same way as BHP was delisted, the three month review can be ignored in special circumstances. My guess is that there are now 101 in the FTSE100.
On the question of tracker funds ... is it not the case that FTSE100 trackers will have automatically gained HLN shares but will have to sell them in accordance with their own index tracking rules as HLN is not (yet) in the index ..?
Can’t buy AJ bell. Annoying
What I can’t understand is why they didn’t sell to Unilever for 50 billion when HALEON is only worth 30-33 billion?
Yeah I bought 1000 @ 3.23 through iweb
Has any information been released regarding HALEON dividends?
Can anyone buy at the minute
Entry isn't automatic. Review is every 3 months, and any listing has to be in the top 90% for a set length of time before inclusion. Won't be in any trackers for some time.
I am somewhat surprised to see the share listing go live, but no company website, financial calendar etc. Maybe I am expecting too much, or missing something?
I haven't been involved (as an investor) in a similar situation before. Any thoughts when we might start to see Haleon as a separate entity?
'Let's hope the management can quickly improve on this mangled, uninspired and no doubt expensive piece of corporate nonsense.'
Grezzz
Nothing shouts I am a d**k as much as a statement like this........but you know, good luck all
Pfizer say they intend to sell down their holding in a controlled way and until they have substantially reduced their 32% I guess the stock price will not rise much. As for the tracker funds, they will have received their shares from Glaxo like we all did and so whilst there will be some adjustment I would not expect there interest to make much difference to the price,
Drew, they'll be given them, same as us. It's possible some trackers will need to hold HLN that didn't hold GSK but off the top of my head I can't think of any.
I presume the index trackers etc will be forced to buy Haleon as a new entry to the FTSE 100?
That should help.
Haleon (pronounced "Hay-Lee-On") is inspired by the merging of the words 'Hale', which is an old English word that means 'in good health' and Leon, which is associated with the word 'strength'
Let's hope the management can quickly improve on this mangled, uninspired and no doubt expensive piece of corporate nonsense.
Indeed. New beginnings. Cautiously excited about the potential of this one.
presume unilever could buy it cheaper now ? said with tongue in cheek
Consumer healthcare business Haleon makes its debut on the London stock market today after completing its demerger from GSK.
BeardedDragon, how many years are you willing to wait ?!! GSK+HLN up nicely today !!
When it hits 275p I will be buying