(Alliance News) - GSK PLC on Thursday said it intends to sell its remaining stake in Haleon PLC, the consumer healthcare firm it spun out almost two years ago.
Brentford, London-based GSK said it plans to sell its 4.2% stake, around 385 million shares, in Surrey-based Haleon, the owner of brands such as Sensodyne toothpaste, which spun off from GSK in July 2022.
Haleon shares rose 0.2% to 331.84 pence each on Thursday afternoon in London, giving GSK's stake a value of around GBP1.28 billion. GSK shares fell 1.9% to 1,777.50p each.
GSK said: "The disposal announced today will be conducted through a placing of ordinary shares in Haleon to institutional investors. The offer price will be determined by means of an accelerated bookbuild offering process which is to start immediately."
Following the demerger and listing of Haleon, GSK initially retained a 13% stake in the firm. After disposals in May and October last year, that was reduced to 7.4%. GSK then sold around GBP1 billion worth of shares in January, cutting its stake further to 4.2%.
By Tom Budszus, Alliance News slot editor
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Glaxosmithkline (GSK)
Haleon (HLN)