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CONSUMER STAPLES: Haleon (HLNLN; Baa1 Pos/BBB+) Pfizer sell-down not a mover

CONSUMER STAPLES
BulletCredit Bullets

£230m buyback in total, £114.6m to complete the £500m buyback program this year and £115.4m to keep on BS for employee share plans next year. Pfizer maintains a 15% stake in the co.

Not credit mover; reminder Haleon was formed by a JV between Pfizer and GSK's consumer units with ownership at 32% and 68% respectively. When Haleon IPO'd in 2022, Pfizer held onto the full 32% stake but said it intended to exit it over time. GSK held 13.6% at IPO and fully exited it earlier this year.

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£230m buyback in total, £114.6m to complete the £500m buyback program this year and £115.4m to keep on BS for employee share plans next year. Pfizer maintains a 15% stake in the co.

Not credit mover; reminder Haleon was formed by a JV between Pfizer and GSK's consumer units with ownership at 32% and 68% respectively. When Haleon IPO'd in 2022, Pfizer held onto the full 32% stake but said it intended to exit it over time. GSK held 13.6% at IPO and fully exited it earlier this year.

Keep reading...Show less