
Reckitt sells Essential Home stake to Advent for $4.8 billion
The consumer goods group said it would retain a 30% stake in the business, which makes Air Wick fresheners, Cillit Bang cleaners and insecticide Mortein.
Reuters exclusively reported last month that the two parties were in talks over a sale, with Reckitt likely to retain a minority stake.
Reckitt CEO Kris Licht has been trying to turn around the business and ease shareholder concerns over the strength of its brands in North America and Europe, where consumer confidence has been weak.
Reckitt said it plans to return excess capital to shareholders, including a special dividend of about $2.2 billion and a share consolidation, after the deal closes.
Reckitt shares were up about 1.2% in early trade.
Essential Home accounted for about 13% of group revenue in the first quarter but has struggled for several quarters, with sales down 7% year on year in the first three months of the year.
The value of the transaction includes up to $1.3 billion in performance-based and delayed payments tied to how the business performs and other financial conditions, it said, adding that the deal is expected to close by the end of the year.
Reckitt, brands of which include Dettol handwash and Durex condoms, has also been considering options for its litigation-hit baby formula business, Mead Johnson.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Sun
11 minutes ago
- The Sun
Full list of UK airline hand luggage rules explained
RYANAIR boss Michael O'Leary said this week he was considering bigger bonuses for staff who identify passengers with oversized bags. And earlier this month, a leaked email showed that staff across major airports in the UK would also receive payments for every bag confiscated from easyJet passengers ahead of boarding. So, how much can you really get away with? Sophie Swiethowski shares everything you need to know about hand-luggage restrictions for Brits' favourite airlines. EASYJET Every passenger is entitled to one free, small carry-on bag that must fit under the seat in front of them. The bag cannot exceed 45 x 36 x 20cm, including handles and wheels, and it must weigh no more than 15kg. EasyJet Plus members and those who have booked an Inclusive Plus fare (which also includes a 23kg checked bag) will be able to take a larger hand luggage bag with them, measuring up to 56 x 45 x 25cm. Anyone else wanting to take a larger carry-on will have to pay £5.99 (or more) in advance of flying. RYANAIR Ryanair has one of the smallest hand luggage allowances on this list. Like easyJet, every passenger is allowed one small, under-the-seat bag for free, measuring no greater than 40 x 20 x 25cm, although there is no specific weight limit. Larger carry-ons, to be stored in overhead lockers, cost from £6 and must not exceed 10kg. The maximum dimensions are 55 x 40 x 20cm. BRITISH AIRWAYS The UK's flag carrier has the most generous allowance of all the airlines listed here. All passengers are entitled to bring a free 'hand bag' to go under the seat. This can measure up to 40 x 30 x 15cm and has a large weight limit of 23kg, the same as checked baggage. Larger carry-ons are also included in the price of your ticket. Overhead bags can measure up to 56 x 45 x 25cm, including wheels and handles, with a weight limit of 23kg. JET2 When it comes to carry-on allowances, Jet2 is undoubtedly the winner of the low-cost airlines. Much like British Airways, customers can bring both a small and large bag on board for free. An under-the-seat bag must not exceed the limit of 40cm x 30cm x 15cm, although there are no weight restrictions. Larger bags can measure up to 56cm x 45cm x 25cm and must weigh no more than 10kg. WIZZ AIR On a par with Ryanair, the maximum dimensions for a free and smaller carry-on bag are 40 x 30 x 20cm and this bag can weigh up to 10kg. Passengers with a larger bag will have to purchase a Wizz Priority ticket if they do not want to incur a charge at the gate. The priority ticket costs from €5 (£4.33) and also includes priority boarding. These overhead-locker bags cannot exceed the weight limit of 10kg and must comply with the maximum dimensions of 55 x 40 x 23cm. 1


The Sun
11 minutes ago
- The Sun
Pubs, clubs & shops set for tax cuts, says Business Secretary Jonny Reynolds as he vows to make Britain ‘fun' again
PUBS, clubs and shops are set to get tax cuts in the Budget, Business Secretary Jonny Reynolds has revealed. He also vowed to make Britain 'fun' again as he unveiled sweeping reforms to tear up red tape so boozers and cafes can open in empty shops and have outside dining. 2 In an interview with The Sun on Sunday, he admitted businesses have been hit hard by the hike in NICs taxes saying 'there is a cost - you can't deny that'. But he vowed to slash levies on high street firms with 'permanent' cuts to business rates in this year's Budget - expected in November. Mr Reynolds said: 'We would want to reduce the burden on businesses wherever we can, because we want them investing in people - new jobs, solid wages.' He added: 'The objective is permanently lower business rates for retail, hospitality and leisure. 'It is a disproportionate tax burden. I believe the objective is to have that in the Autumn Budget.' Ministers have been consulting on how to reform business rates to make the tax fairer. Mr Reynolds also announced a radical shake-up of planning rules to slash red tape on pubs and clubs. Boozers, cafes and music venues will be able to open in closed down shops. New 'hospitality zones' will be created where it will be easier for venues to open late, let people dine outside and throw street parties. Nimbies will be stopped from closing down well-loved venues with noise complaints, he added. Pub chain collapses into administration as SIX sites shut their doors for good and 159 job losses Banging the drum for more fun in our city centres, Mr Reynolds declared: 'We want to take the burden off the kind of things businesses can do to grow and employ more people. 'We want more enjoyment and more fun in town centres.' Mr Reynolds also blasted leftie Labour MPs demanding a wealth tax - and warned they are putting investors off the UK. Branding the demands 'not a serious take', he added: 'If people worry the UK is thinking of a tax that doesn't exist anywhere in the world, that is not good for the UK - and people will think twice if that's the case.' Hospitality bosses welcomed the plans to slash red tape - but warned sky-high taxes are crippling high streets. Kate Nicholls, chair of UK Hospitality, said: 'Positive and encouraging as these measures certainly are, they can't on their own offset the immediate and mounting cost pressures facing hospitality businesses which threaten to tax out of existence the businesses and jobs. 'Let's hope that this is just the start of a bold, long term plan for the high streets and hospitality.' 2


Reuters
an hour ago
- Reuters
Union Pacific nearing agreement to buy Norfolk Southern Bloomberg reports
July 26 (Reuters) - Union Pacific (UNP.N), opens new tab, the largest U.S. railroad operator, could reach an agreement to acquire rival Norfolk Southern (NSC.N), opens new tab as soon as early next week, Bloomberg News reported on Friday, citing people familiar with the matter. Union Pacific had said on Thursday it is in advanced talks to acquire its rival, signaling that a deal to form a $200 billion coast-to-coast rail company could be close - and potentially trigger further consolidation among remaining freight rail giants. Union Pacific declined to comment, while Norfolk Southern did not immediately respond to a Reuters request for comment. The combination, which would be the largest-ever buyout in the sector, would create the first modern West-to-East single-line freight railroad in the United States, significantly affecting how goods from grains to chemicals to autos move across the country. The fact that talks are advancing has surprised many in the rail industry and Wall Street as the U.S. freight rail system already functions as two regional duopolies by point of origin. The talks show how thinking around antitrust issues has shifted under President Donald Trump's administration, with his executive orders aimed at removing anti-competitive barriers and opening the door to potential megamergers in the industry. If completed, the deal would combine Union Pacific's dominant position in the western two-thirds of the U.S. with Norfolk Southern's 19,500-mile network spanning 22 eastern states. Union Pacific is valued at approximately $138 billion, according to LSEG data. The company has been grappling with sluggish automotive volumes and volatile coal shipments as power producers shift to natural gas, which is shipped by pipeline. Norfolk Southern, which is worth about $63 billion, is emerging from a turbulent period that included the ouster of its former CEO amid ethics investigations, a high-profile boardroom clash with activist investor Ancora, and a costly train derailment that set the company back about $1.4 billion.