Pfizer exits Haleon; Rio asks shareholders to reject Palliser move
By Michele Maatouk
Date: Wednesday 19 Mar 2025
(Sharecast News) - London open
The FTSE 100 was called to open around five points higher.
Stocks to watch
Rio Tinto has asked shareholders to vote against a resolution from hedge fund Palliser Capital to review the mining giant's dual listing in London and Sydney, calling it "value destructive". Palliser wants an Australia-only listing, claiming it would boost Rio's share price. "A dual-listed companies structure unification is not required to provide the group with strategic flexibility," Rio Tinto said.
Pfizer has fully exited its investment in UK-listed pharma group Haleon, selling off its remaining 7.3% stake for £2.5bn. The transaction marks an "important milestone" for Haleon, according to chief executive Brian McNamara, with Pfizer having held a 32% stake at the time of Haleon's demerger from GSK in July 2022. "Nearly three years on from demerger, Haleon is in a position of strength and is well placed to capitalise on the significant opportunities ahead," he said.
Newspaper round-up
Elon Musk's vast stake in Tesla is no longer his most valuable asset as the electric car company continues to endure a sharp stock market sell-off. Musk's stake in SpaceX, his private rockets and satellites business, is now the billionaire tycoon's largest asset for the first time in five years, according to Forbes, which still pegs his net worth at $323bn - more than anyone else in the world. - Guardian
The government risks "disappointing voters" hoping for cheaper energy bills in the next decade if it cuts the £8.3bn budget for GB Energy, a thinktank has warned. Researchers at the Institute for Public Policy Research (IPPR) found that the publicly owned energy company - set up by Labour to drive renewable energy and cut household bills - will need to be fully funded if it hopes to build enough clean energy projects to meet 5% of the country's electricity needs by the 2030s. - Guardian
Chris O'Shea, the chief executive of British Gas, is set to receive a 29pc pay boost to his basic salary - taking his fixed pay above £1m as households brace for higher bills. The pay increase, which comes into force on April 1, will arrive on the same day that energy price rises take average consumer energy bills to £1,849 a year. Centrica, which owns British Gas, said Mr O'Shea was underpaid on his current salary of £855,000 compared with other FTSE 100 chief executives. He will now be paid £1.1m to take into account the company's growth and complexity. - Telegraph
Britain faces years of industrial decline and falling factory employment as high energy prices blamed on net zero undermine the manufacturing sector. EY Item Club said Britain's manufacturing sector was on track for three years of falling employment in the face of energy costs that are four times as high as those in the US, and 50pc more than those paid by factories in France and Germany. Factory output is also expected to shrink by 0.6pc this year, the influential forecaster predicted. - Telegraph
Britain's two largest steelmakers have warned that President Trump's tariffs are already leading to a loss of business from American customers. Tata Steel, based at Port Talbot, and British Steel, which runs the Scunthorpe steelworks, also raised concerns at potentially more dangerous collateral damage from trade barriers as large volumes of steel on the global market, once bound for America, could now swamp the UK. - The Times
US close
US stocks finished with steep losses on Tuesday as the selling pressure resumed after a brief two-day rebound, with blue chip tech names leading the decline.
The Dow finished 0.6% lower, while S&P 500 dropped 1.1% and the Nasdaq sank 1.7%.
"It's been another dismal day for US markets with the Magnificent Seven once again leaving investors pondering if it's time for a name change," says Danni Hewson, head of financial analysis at AJ Bell.
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