Haleon completes purchase of 33pc share in Chinese JV

(Sharecast News) - Haleon announced on Tuesday that it has finalised the acquisition of an additional 33% equity stake in its Chinese joint venture, Tianjin TSKF Pharmaceutical Co (TSKF), from Tianjin Pharmaceutical Group and Tianjin Pharmaceutical Da Ren Tang Group Corporation. The FTSE 100 consumer goods giant first announced the transaction, valued at CNY 4.465bn (£0.5bn), in September.

It said the acquisition received shareholder approval from DRTG at an extraordinary general meeting in November, with all other necessary regulatory clearances subsequently secured.

Haleon said it expected the transaction to be accretive to earnings per share.

As part of the agreement, Haleon held an option to acquire the remaining 12% stake in TSKF, while DRTG retained the right to sell its remaining interest to Haleon.

At 1212 GMT, shares in Haleon were up 0.56% at 376.2p.

Reporting by Josh White for Sharecast.com.