Haleon to take full ownership of Chinese joint venture

(Sharecast News) - Haleon announced on Tuesday that it has agreed to acquire the remaining 12% stake in its Chinese over-the-counter joint venture, Tianjin TSKF Pharmaceutical, for CNY 1.623bn (around £200m), bringing its total ownership to 100%. The FTSE 100 consumer products giant said the deal followed its acquisition of a 33% stake in TSKF in December, and would result in the business becoming a wholly-owned subsidiary.

It said the transaction would be funded through a mix of existing cash and new renminbi-denominated debt from third-party sources.

Completion was expected within the next three months, subject to customary conditions including shareholder approval from Haleon's partner Tianjin Pharmaceutical Da Ren Tang Group, and necessary regulatory clearances.

At 1135 BST, shares in Haleon were up 0.04% at 379.14p.

Reporting by Josh White for Sharecast.com.