Reckitt Benckiser Group PLC Smaller related party transaction (6787A)
25 May 2023 - 9:00PM
UK Regulatory
TIDMRKT
RNS Number : 6787A
Reckitt Benckiser Group PLC
25 May 2023
25 May 2023
RECKITT BENCKISER GROUP PLC
Smaller related party transaction
25 May 2023 - Slough, UK - Reckitt Benckiser Group plc
("Reckitt" or the "Company") today announces that it has entered
into an agreement pursuant to which it will proceed to acquire the
remaining interests associated with the Company's majority owned
activities in mainland China and Hong Kong ("RB Manon") from its
existing minority shareholders. RB Manon undertakes non-exclusive
distribution of certain Reckitt brands in mainland China, Hong Kong
and other Asian Pacific countries. 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.
The aggregate percentage interest of the minority shareholders
in each of the three relevant Reckitt subsidiaries is currently
between 20% and 24.95%. Those minority shareholders include Man Wah
Holding Co. Limited ("Man Wah") and Merlin Lu (who is also a
director of the Reckitt subsidiaries). The consideration payable to
the minority shareholders prior to, and upon, final completion of
the acquisition of their interests is dependent on the business
performance of RB Manon during that period. Based on current
expectations of business performance for RB Manon, it is estimated
that the total consideration across the multiple stages to 31
December 2038 will be c. GBP0.3-0.4 billion[1].
For the purposes of Chapter 11 of the Listing Rules, Merlin Lu
and Man Wah (which is an associate of Merlin Lu pursuant to the
Listing Rules) are related parties of the Company. Pursuant to
Listing Rule 11.1.10R, the Transaction constitutes a smaller
related party transaction and this announcement is made in
accordance with Listing Rule 11.1.10R(2)(c).
Contacts
Richard Joyce & Hazel Chung +44 (0)7807 418516 / +44 (0)7408 850537
Investor Relations
Patty O'Hayer +44 (0)7825 755688
External Relations and Government Affairs
FGS
Faeth Birch +44 (0)7768 943171
About Reckitt:
Reckitt* exists to protect, heal and nurture in the relentless
pursuit of a cleaner, healthier world. We believe that access to
the highest-quality hygiene, wellness and nourishment is a right,
not a privilege.
Reckitt is the company behind some of the world's most
recognisable and trusted consumer brands in hygiene, health and
nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil,
Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein,
Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and
more.
Every day, more than 30 million Reckitt products are bought
globally. We always put consumers and people first, seek out new
opportunities, strive for excellence in all that we do and build
shared success with all our partners. We aim to do the right thing,
always.
We are a diverse global team of c. 40,000 colleagues. We draw on
our collective energy to meet our ambitions of purpose-led brands,
a healthier planet and a fairer society. Find out more, or get in
touch with us at www.reckitt.com
* Reckitt is the trading name of the Reckitt Benckiser group of
companies
103-105 Bath Road, Slough SL1 3UH
Registered in England and Wales, No. 6270876
Reckitt Benckiser Group plc's LEI code is
5493003JFSMOJG48V108
[1] For the purpose of the transaction classification under the
Listing Rules, the maximum total consideration has been capped at
GBP1 billion.
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END
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