Reckitt investor sells £1.3bn stake

Reckitt Benckiser's largest shareholder, JAB Holdings, which is owned by one of the consumer goods giant's founding families, the Reimanns, is selling almost 5 per cent of the group's shares.

The German backers are cutting their stake in the Vanish and Dettol maker to 10.4 per cent by selling 36m shares, worth nearly £1.3bn. The money will be put towards other investments including the cosmetics firm Avon, which JAB's fragrances group, Coty, is attempting to buy.