China, the world's most populous country, used to be a boom market for baby products, but it has lost its allure due to falling birthrates. Reckitt Benckiser agreed to sell its Chinese baby-formula business to Primavera Capital Group for $2.2bn as the company seeks to exit from the struggling sector. Shares in the company are little changed this year, versus a 9.4pc advance in the UK’s benchmark Ftse 100 Index. Reckitt remains committed to its hygiene, health and vitamins, minerals and supplements portfolios in China, Mr Narasimhan said in the statement. Primavera is a Chinese private equity firm that is one of the earlier investors in Ant Group.

Source: Irish Independent June 06, 2021 20:15 UTC