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BUSINESS LIVE: Haleon to sell ChapStick; Head of workspace to retire; Wizz Air’s losses are deepening

The FTSE 100 opens at 8am. Companies with news and trading updates today include Haleon, Workspace, Wizz Air, Dr Martens, Foxtons, Fever-Tree and PPHE. Read the Business Live blog on Thursday 25 January below.

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The head of the workspace is retiring

Workspace Group chief executive Graham Clemett will retire in 2024 after five years in the role and 16 years at the office space provider.

The search for his successor will be led by chairman Duncan Owen, who will lead a «formal and rigorous selection process for a new chief executive», the group said.

Clemett said: “The company is in great shape and well positioned in the current market.

«With the fantastic team we have across the company, I’m sure Workspace has an exciting future and will continue to grow.»

Haleon sells ChapStick

Consumer healthcare giant Haleon has agreed to sell ChapStick to Suave Brands for $430 million in cash and $80 million in a private equity-backed group.

Haleon said sales of ChapStick, which generated £112m in revenue last year, would be used to pay down debt.

Chief Brian McNamara said:

“Today’s announcement is consistent with Haleon being proactive in managing our portfolio and being rigorous and disciplined where there are opportunities to sell.

“While ChapStick is a great brand that is very popular with consumers around the world, it is not Haleon’s main focus. The sale of the brand allows us to simplify our business and pay off debts faster.

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Bill Ackman, a billionaire hedge fund manager, acquires a stake in the Tel Aviv Stock Exchange

Billionaire hedge fund manager Bill Ackman and his Israeli-born wife Neri Oxman have agreed to buy a nearly five percent stake in the Tel Aviv Stock Exchange.

One of the biggest investments in Israel since the Gaza war broke out, the deal was part of a stock sale to raise funds to invest in stock market technology.

The cash call attracted interest from investors in Israel, the US, Europe and Australia, «reflecting strong confidence in both the Tel Aviv Stock Exchange and the Israeli economy».

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Read more at DailyMail.co.uk

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