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Reckitt Benckiser quits bidding for Pfizer's consumer healthcare arm
Reckitt Benckiser has ended discussions with Pfizer about buying elements of the US company's consumer healthcare business.
The health and hygiene consumer goods company said it did not want to buy the whole business and that it had not proved possible to buy parts of it. Reckitt is digesting its $16.6bn (£11.7bn) acquisition in 2017 of Mead Johnson Nutrition in the US.
Reckitt's withdrawal from the bidding could leave GlaxoSmithKline (GSK) in a strong position to buy the Pfizer business. Pfizer said in October it was considering selling or spinning off the division, which is valued at about $15bn. Reports had listed Reckitt and GSK as the main potential bidders as the 22 March deadline for offers approached.
Rakesh Kapoor, Reckitt's chief executive, said: "Our priority remains organic growth, including the completion of the integration of Mead Johnson Nutrition and creating further value from reorganising into two new business units - health and hygiene home.
"We always approach inorganic growth opportunities in a rigorous, disciplined, and financially responsible manner to ensure long-term value creation for shareholders. An acquisition for the whole Pfizer consumer health business did not fit our acquisition criteria and an acquisition of part of the business was not possible."
The health and hygiene consumer goods company said it did not want to buy the whole business and that it had not proved possible to buy parts of it. Reckitt is digesting its $16.6bn (£11.7bn) acquisition in 2017 of Mead Johnson Nutrition in the US.
Reckitt's withdrawal from the bidding could leave GlaxoSmithKline (GSK) in a strong position to buy the Pfizer business. Pfizer said in October it was considering selling or spinning off the division, which is valued at about $15bn. Reports had listed Reckitt and GSK as the main potential bidders as the 22 March deadline for offers approached.
Rakesh Kapoor, Reckitt's chief executive, said: "Our priority remains organic growth, including the completion of the integration of Mead Johnson Nutrition and creating further value from reorganising into two new business units - health and hygiene home.
"We always approach inorganic growth opportunities in a rigorous, disciplined, and financially responsible manner to ensure long-term value creation for shareholders. An acquisition for the whole Pfizer consumer health business did not fit our acquisition criteria and an acquisition of part of the business was not possible."
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Reckitt Benckiser Group (RB.) share price |
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