25th May 2023 12:34
(Alliance News) - Reckitt Benckiser Group PLC on Thursday said it signed a deal to buy the remaining interests of its activities in China and Hong Kong from its existing minority shareholders.
The consumer goods company said RB Manon undertakes non-exclusive distribution of certain Reckitt brands in mainland China, Hong Kong and other Asian Pacific countries.
The firm said the aggregate percentage interest of the minority shareholders in each of the three relevant Reckitt subsidiaries is currently between 20% and 24.95%.
Minority shareholders include Man Wah Holding Co Ltd and Merlin Lu, who is also a director of the Reckitt subsidiaries.
Reckitt said the transaction will be implemented through the purchase of the "non-controlling shareholdings in three subsidiaries of Reckitt held by the minority shareholders". This will occur in multiple stages, which may take place through to 31 December 2038.
It is expected that the total consideration will be about GBP300 million to GBP400 million.
Shares were down 0.6% at 6,346.00 pence each on Thursday afternoon in London.
By Xindi Wei, Alliance News reporter
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