(Alliance News) - FTSE Russell on Wednesday said it expects Haleon, the Consumer Healthcare arm of GSK PLC, to commence trading on the London Stock Exchange on July 18.
Haleon is expected to be added to the same indices as GSK, including the FTSE 100 index, after GSK shareholders receive Haleon shares on a one-for-one basis.
At the market close on July 18, the impacted indices which have a fixed number of constituents will be ranked based on the closing prices, with the lowest ranking constituent removed providing two days notice, FTSE Russell explained.
Once the demerger is completed, GSK will undertake a share consolidation in order to "maintain consistent pricing", FTSE Russell said.
The separation will take the form of a demerger of at least 80% of GSK's current 68% share of the consumer business to GSK shareholders. The remaining 32% of Consumer Healthcare currently is held by US peer Pfizer Inc, who will exit its 32% interest in Haleon after the float.
Haleon will provide consumer healthcare products in five categories: Oral Health, Pain Relief, VMS, Respiratory Health, Digestive Health and Other.
Meanwhile, GSK will be a pure biopharmaceutical firm, focused on vaccines and specialty medicines.
Shares in GSK closed 0.2% lower at 1,709.40 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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