MNI: Fed's Williams Sees Policy Rate As Modestly Restrictive

MNI BRIEF: Fed's Powell - Neutral Rate Has Risen Meaningfully

MNI BRIEF: Fed Would Use QE Only When Rates At Zero - Powell

MNI BRIEF: Fed's Hammack Says Rate Hike Not In Base Case

MNI: Fed's Hammack Wants To Hold Rates Steady For Some Time

MNI BRIEF: Brazil's IPCA 4.56% In January As Energy Declines

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK Bond Supply Calendar: France Syndication "Near Future"

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CONSUMER STAPLES: Reckitt looking for "up to £5b" on homecare divestment

CONSUMER STAPLES
Credit BulletsUKCEEMEABullet

(RKTLN; A3 Pos/A-) 

  • Price drifting lower, earlier leaks were £6b+. It has little relevance for credit - it will keep leverage unch at net 2.0x through it, rest will either be set aside for capex/M&A or for equity holders.
  • Homecare brands are £1.9b in revenues/13% of group.
  • It has also tabled the Mead Johnson Nutrition business (17% of group) - will be trickier given it has lawsuit tied Enfamil
  • Our view has - and continues to be - a preference for Haleon over Reckitt till lawsuit and divestments are over - the spread continues to be traded away/reversed.
     
  • "RECKITT IS SAID TO SEEK UP TO £5B FOR HOMECARE PORTFOLIO
  • APOLLO IS SAID TO ALSO BE PURSUING RECKITT HOMECARE ASSETS" - bbg
117 words

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.

(RKTLN; A3 Pos/A-) 

  • Price drifting lower, earlier leaks were £6b+. It has little relevance for credit - it will keep leverage unch at net 2.0x through it, rest will either be set aside for capex/M&A or for equity holders.
  • Homecare brands are £1.9b in revenues/13% of group.
  • It has also tabled the Mead Johnson Nutrition business (17% of group) - will be trickier given it has lawsuit tied Enfamil
  • Our view has - and continues to be - a preference for Haleon over Reckitt till lawsuit and divestments are over - the spread continues to be traded away/reversed.
     
  • "RECKITT IS SAID TO SEEK UP TO £5B FOR HOMECARE PORTFOLIO
  • APOLLO IS SAID TO ALSO BE PURSUING RECKITT HOMECARE ASSETS" - bbg