Reckitt Benckiser (Seite 15)

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Wednesday July 21, 05:10 PM Reuters
Reckitt agrees to buy condom firm SSL for $3.8 bln


By Paul Sandle

LONDON (Reuters) - Consumer goods group Reckitt Benckiser agreed to buy Durex condoms and Scholl sandals maker SSL for 2.54 billion pounds ($3.8 billion) to increase its presence in health and personal care.

The British maker of Nurofen painkillers and Strepsils and Lemsip cold remedies will pay 1,171 pence per SSL International share, representing a 33 percent premium to Tuesday's closing price. The price includes the 8 pence final dividend.

SSL's shares rose just above the recommended offer as investors speculated whether a big drugmaker, looking for growth in the over-the-counter (OTC) sector, would offer more.

Reckitt's health and personal care business has been a key driver of its growth, and the premium being paid for the condom and foot products maker underscores the value attached to key health and consumer brands by large groups looking to diversify.

Reckitt Chief Executive Bart Becht said the deal should increase the group's health and personal care net revenues by over 36 percent to around 2.8 billion pounds, one third of the group's total revenues.

"The acquisition will add two new Powerbrands, with good further growth potential, to Reckitt Benckiser's current arsenal, making 19 Powerbrands in total," said Becht, who was the best-paid FTSE 100 chief executive last year.

"Durex, in the sexual wellbeing category, is the global number one condom brand and Scholl is the market leader in the footcare category in many of the markets where it is present."

The deal also provides a step change in the size of its business in China and Japan, Reckitt said, adding it saw annual cost synergies of around 100 million pounds by the end of 2012.

SALES CHANNELS

Both companies sell products in the over-the-counter and grocery channels to pharmacies and supermarkets, and analysts have long seen Reckitt as a potential buyer of SSL. The group was rumoured to have been behind an approach in 2003.

SSL's board recommended Wednesday's offer, which Chairman Gerald Corbett said was four times the level of the company's share price five years ago.

"We felt that a price that is a 64 percent premium to the average share price over the last 12 months, and 35 times last year's earnings, was worthy of consideration by our shareholders," he said.

He said the board had been in sole discussions with Reckitt for a month and would not solicit other bids.

"Never say never -- anything is possible -- but I think you'll agree it's a pretty good price," he said.

Shares in SSL rose 33.3 percent to 1,176 pence while Reckitt was up 2.5 percent by 1100 GMT.

"It's a great price and I think it's an excellent strategic fit for Reckitt Benckiser," said Panmure Gordon analyst Damian McNeela.

He said another bidder was unlikely to step in as Reckitt was in a unrivalled position to extract value from SSL by adding its products to Reckitt's "powerbrands", which include Cillit Bang cleaners and Finish dishwash products.

OTC ATTRACTION

Potential counterbidders could include Johnson & Johnson and GlaxoSmithKline, which are looking to expand their OTC businesses.

"You may get some of the big guys in pharma having a look whether it's worth them offering a bit more," said analyst Chas Manso de Zuniga at Evolution Securities. "But the current offer is a good one."

One pharmaceutical industry executive said the multiple "already looked pretty chunky".

Reckitt, which publishes half-year results on Monday, is funding the bid through a new 1.25 billion pound facility from HSBC.

J.P.Morgan Cazenove and Lazard advised SSL, while Reckitt was advised by Deutsche Bank.

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ich bisn eit einiger Zeit dabei, nette Dividende und bisher sehr solide, aber kann man dem Braten trauen, im Moment Richtung Süden
im April 42 Topkurs , seitdem Richtung Süden

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Reckitt Benckiser kündigt neue Marken an
veröffentlicht am 02.07.2010 um 11:10 Uhr · Unternehmen · Artikel

Reckitt Benckiser, der derzeit wachstumsstärkste und profitabelste Konsumgüterhersteller der Welt, dürfte die Konkurrenz mit seinen Ankündigungen nervös werden lassen. Reckitt plant weitere Marken einzuführen, auch in Deutschland. Zu den bekanntesten Labels des Unternehmen gehören hierzulande unter anderem Calgon, Kukident, Sagrotan und Clearasil.

„Wir wollen in den kommenden Jahren in jedem Markt mindestens zwei bis drei Power Brands einführen“, sagte Konzernchef Bart Becht der Financial Times Deutschland. Der deutsche Markt sei bei Enthaarungsmitteln und Produkten zur Luftverbesserung ausbaufähig.

Innovationen sollen Reckitt helfen, aus den 17 Kernmarken in 160 Ländern „mehr Wachstum“ herauszuholen. Becht meint damit in erster Linie neue Anwendungstechniken und Verpackungsaufmachungen, mit denen man sich von Konkurrenten wie Procter & Gamble, Colgate-Palmolive und Co, vor allem aber von den Handelsmarken abheben möchte. So füllt Reckitt zum Beispiel seine Lufterfrischer in elektronisch gesteuerten Zerstäubern ab. Zukäufe erwägt Reckitt Benckiser im Bereich Healthcare.

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wächst kontinuierlich ohne Akquisitionen, 3,3% aktuell Dividendenrendite; evtl. was zum einsammeln, wenn es rauher wird?