March 27, 2018 / 9:09 AM / 8 months ago

Sterling falls 0.5 pct vs Swiss franc on Novartis-GSK deal

LONDON, March 27 (Reuters) - Sterling fell half a percent against the Swiss franc on Tuesday, its biggest drop in 7 weeks on expectations of selling pressure from a large corporate acquisition.

News that GlaxoSmithKline will buy Novartis’s 36.5 percent stake in their consumer healthcare joint venture for $13 billion in cash also triggered some unwinding of long sterling bets against its rivals built up after Britain clinched a transition deal last week.

In mid-morning trades, sterling was down 0.5 percent against the Swiss franc at 1.3384 francs, its biggest drop since Feb. 8, according to Thomson Reuters data. (Reporting by Saikat Chatterjee Editing by Tommy Wilkes)

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