3rd April 2003
JAB Completion of Disposal Programme
Reckitt Benckiser plc today issued the following clarification regarding
Joh.A.Benckiser GmbH (JAB) and its shareholding in Reckitt Benckiser plc
following the announcement from JAB earlier today.
On 19th February JAB sold 25m shares (3.5%) through a placing organised by
Morgan Stanley. Last night Reckitt Benckiser was informed by JAB that it has
sold a further 35m (5.0%) shares completing the disposals necessary to satisfy
its need for liquidity. As a result, JAB will now be entitled to nominate only
one non-executive director of Reckitt Benckiser plc rather than 2 previously.
JAB is a holding company which owns shares in Reckitt Benckiser plc, 100% of
Coty Inc. the US based cosmetics company, and a number of minor investments.
JAB is owned equally by 5 members of the original Benckiser founding family.
Part of the proceeds of the sale will be used to complete the repurchase of the
indirect investment of a member of the controlling family of JAB commenced in
February, and the balance will permit JAB to reduce its borrowings.
For its remaining stake of 15.7% Reckitt Benckiser has been informed that JAB
is a committed long-term shareholder in Reckitt Benckiser, and fully intends to
participate in the excellent prospects for future growth and shareholder value
creation that Reckitt Benckiser's management and strategy offer. As a result
JAB informed the Company it has no intention of making any further reduction in
its interest in Reckitt Benckiser.
This position has today been shared to ensure an orderly market in the
Company's shares.
For further information
Tom Corran Reckitt Benckiser plc +44 1753 217 800
SVP Investor Relations & Corporate Communications
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