Reckitt & Colman A Target Of SmithKline Beecham?
SmithKline Beecham is rumored to be targeting the pharmaceutical business of fellow UK company Reckitt & Colman since an article in a new UK business paper made the suggestion. According to the just-launched newspaper Sunday Business, R&C's pharmaceutical over-the-counter business is estimated to be worth around L1 billion ($1.51 billion).
Sources close to both companies say that SB is not interested in buying the OTC business from R&C, according to a Reuters report, while SB said that it does not comment on market rumors.
SB posted pleasing results for the first quarter of 1996 (Marketletter April 22), which led Goldman Sachs analysts to raise their performance expectation for the company to moderate outperformer. This upgrading is based on increased optimism on pharmaceutical margins, they said.
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