GlaxoSmithKline Sells Shares In South Africa’s Aspen

GlaxoSmithKline plc (NYSE:GSK) (LON:GSK) said Wednesday it has agreed to sell 28.2 million shares in Aspen Pharmacare Holdings Ltd for $696.5 million. Britain’s biggest pharmaceutical company would now be left with 56.5 million shares or 12.4% in the South African company. GlaxoSmithKline to remain a significant shareholder In today’s announcement, GlaxoSmithKline plc (NYSE:GSK) (LON:GSK) indicated it intends to sell up to roughly one-third of its 19% stake in Aspen by placing the ordinary shares of Aspen to institutional investors. The offer price will be determined by means of an accelerated bookbuild process which is to start immediately. GSK said it will keep…