28th Jun 2021 07:24
(Alliance News) - GlaxoSmithKline PLC has hired two investment banks to advise on plans to list its consumer unit next year and defend against the influence of activist investor, Elliott Investment Management, Bloomberg reported late Friday.
Bloomberg said that the FTSE 100 pharmaceutical firm has hired Goldman Sachs Group Inc and Citigroup Inc to assist with its planned spinoff.
https://www.bloomberg.com/news/articles/2021-06-25/glaxosmithkline-said-to-tap-goldman-citi-for-spinoff
On Wednesday last week, GlaxoSmithKline confirmed plans to separate its Consumer Healthcare arm, which includes products such as Aquafresh toothpaste and Nicorette gum. GlaxoSmithKline said it aims to list the division on the London Stock Exchange by mid-2022, but will continue to hold up to 20% of the business to sell at a later time.
The separation and an accompanying 30% dividend reduction are designed to enhance GSK's focus on its drugs for cancer, HIV and other diseases.
By Scarlett Butler; [email protected]
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