Reckitt's major shareholder offloads at 3350p
JAB, the biggest shareholder in Anglo-Dutch consumer goods firm Reckitt Benckiser, has sold around a third of its holding in the firm, seemingly to fund a takeover in the US.
JAB, the biggest shareholder in Anglo-Dutch consumer goods firm Reckitt Benckiser, has sold around a third of its holding in the firm, seemingly to fund a takeover in the US.
Vienna based outfit JAB's broker has placed 36m shares - equivalent to around 4.9% of the issued share capital of Reckitt - with institutional investors.
The shares of the Cillit Bang and Finish maker went at £33.50 a pop, raising a total of £1.2bn for JAB, which is tipped to use the money to fund an attempted takeover of Avon Products, the cosmetics giant in the US.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The transaction reduces JAB's stake in Reckitt from 15.5% to 10.6%.
JAB's decision to reduce its stake was announced after the close of trading in London on Wednesday, so the market saw this one coming. Reckitt Benckiser shares dropped 145p in the first hour of trading to 3,421p, 71p above the price at which JAB's shares were placed.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
DIY pension investors take tax-free cash amid switch to ISAs
Self-invested personal pension (SIPP) investors are rushing to withdraw their tax-free cash and turning to ISAs amid fears of a pension tax raid in the Autumn Budget
-
12 ways pensions could be reformed in Budget – including an alternative to charging IHT
Pension savers could face new rules after the Budget if chancellor Rachel Reeves targets their pots to fill her own fiscal black hole – what potential pension changes could be on the way?