MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

MNI BRIEF: BOJ Tankan: Business Inflation Expectations Solid

MNI BRIEF: RBA Details Hypothetical Monetary Policy Paths

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI: SWEDEN NOV UNEMPLOYMENT 7.4%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Haleon (HLNLN; Baa1 Pos, BBB+ S) Selling nicotine replacement therapy business outside of US

CONSUMER STAPLES

Cheap view still valid on 30s, lines were unch to -3.5bps today.

  • Will raise £500m from the sale of its nicotine replacement therapy segment outside the US. This includes brands of "Nicotinell, Nicabate, Habitrol and Thrive available in gum, lozenge and patch forms across over 30 markets".
  • Upfront cash of £458m, deferred £42m on performance targets. Impact on headline is small with it adding NRT contributed £217m in revenue last year (2% of group £11.3b).
  • UoP for proceeds is " in line with capital allocation priorities, including reducing leverage". It is net 3x levered (3.4x gross) and targets "around 2.5x".
  • Sale expected to close in Q4, diluting FY24 revenue by 0.5% and operating profit by 1%. Original guidance was for +4-6% organic growth and for EBIT margin expansion, which it says is otherwise unch.
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.