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Coty sells shares of RB, according to reports.
May 9, 2012
By: TOM BRANNA
The privately held vehicle that owns Coty, JAB Holdings, announced its intention to sell at 4.9% stake in Reckitt Benckiser, netting it $2.1 billion, according to reports. News of the sale sent shares of Avon Products (AVP) higher, with the stock currently up 11%, or $2.25, to $22.02. Coty’s majority owner is Joh. A. Benckiser, who is also the largest shareholder in Reckitt Benckiser. Coty offered to acquire Avon Products last month for $10 billion, which Avon rejected, as previously reported in Happi.
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