Reckitt Benckiser Group Plc, (RB/) the maker of Durex condoms, plans to spin off its pharmaceutical unit rather than sell it or pursue an initial public offering, according to four people with knowledge of the matter.
The spinoff is likely to take place at the end of the year or early 2015, said three of the people, who asked not to be identified as the plans are private. Reckitt Benckiser will retain a stake in the new entity, the people said, allowing the maker of Lysol cleaners and Nurofen painkillers to benefit if the business is later acquired. An internal announcement to employees has already been made, one of the people said.
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