Notes
To this end, we announced in April our plan to sell BHI, our manufacturer of over-the-counter medicines. We knew BHI was a good business – but recognised that as a relatively small player in a consolidating global market it was more likely to fulfil its potential under separate ownership.
We were delighted with the level of interest in the business, the process we have run and the outcome – which is right for Boots, right for BHI and great for shareholders.
The proposed sale, to Reckitt Benckiser for £1.926bn means that we can return 200p per share to investors – and retain £400m to help us preserve a strong balance sheet and to give us the ability to continue to invest in building a better Boots.
That brings us to the proposed merger with Alliance Unichem which we announced three weeks ago.
This transaction will create an international pharmacy-led healthcare group with combined sales of more than £13bn. What it offers Boots is clear. We will achieve a step-change in our presence in the UK pharmacy market, ending up with more than 2,600 outlets. It will also significantly strengthen our pan-European buying position – giving us a platform for successful international growth – and provides significant cost savings which will allow us to compete more effectively.
LINK: I will now hand over to Jim who will take you through the financial overview.
