Business
Smaller related party transaction
Smaller related party transaction.
About this update from Reckitt Benckiser Group Plc
[{"type":"text","content":"\n\n \n \n25 May 2023\nRECKITT BENCKISER GROUP PLC\nSmaller related party transaction\n \n25 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.\n \nThe 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].\n \nFor 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).\n \nContacts\n \nRichard Joyce & Hazel Chung +44 (0)7807 418516 / +44 (0)7408 850537\nInvestor Relations \n \nPatty O'Hayer &nbs...