REG - Reckitt Benckiser Gp - Smaller related party transaction

Reckitt BenckiserAnnouncement

25/05/2023 12:00

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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.
£0.3-0.4 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 (http://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 £1 billion.

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