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JAB Holdings offloads £1.3bn stake to fund Avon bid Thursday, 10th May 2012
JAB Holdings, Reckitt Benckiser’s largest shareholder, is to sell a £1.3 billion stake in the consumer goods firm as it battles to raise funds to bid for cosmetics giant Avon.
JAB owns companies including Coty, the US-based group that tabled a £6.2 million bid for Avon last month.
The holding firm currently owns a 15.5 per cent stake in Reckitt.
The sale was announced after the market closed, with 36 million shares being offered at a price of £32.50 to £34.
The sale of the Reckitt Benckiser shares will reduce JAB’s holding in the firm to 10 per cent.