Nigeria: Gsk and the Penchant for Multinational Impunity

15 July 2013

Minority shareholders and fund managers in Nigeria are up in arms over the attempt by GlaxoSmithKline (GSK) Plc, Britain's largest pharmaceutical company, to increase its stake in its Nigerian unit GlaxoSmithKline Consumer Nigeria Plc, a company listed on the Nigerian Stock Exchange (NSE).

They are concerned that if the attempt by the parent company - GSK Plc - to restructure the capital of GSK Nigeria from the current 46.4 per cent to 75 per cent passes, it would give the British pharmaceutical giant the clout to alienate Nigerian shareholders and delist the company in the foreseeable future. They have cited the case of Coca Cola Hellenic Bottling Company S.A., which used its controlling stake in Nigerian Bottling Company (NBC) Plc to get the latter delisted from the Nigerian stock market.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.