It’s early days for Haleon, GlaxoSmithKline’s consumer goods spin-off, but the day one valuation of £28.5bn for the Panadol-to-Sensodyne business represented a less than storming debut for the biggest European listing for more than a decade.
A par score was reckoned to be about £30bn. Red-hot territory would have been around the £35bn mark. And taking account of the £10.5bn of borrowing assumed by Haleon, an implausible £39.5bn would have been required to match the £50bn offered by Unilever in January.
