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Friday, November 22, 2013

Reckitt hires Morgan Stanley for pharma review-sources, (NYSE: MS)

Reckitt Benckiser Group has hired Morgan Stanley to advise on its options for its shrinking pharmaceuticals unit, according to two sources familiar with the matter. The British consumer goods company said last month it was examining options for the business, which sells a heroin addiction medicine and could fetch over 2 billion pounds ($3.24 billion) in a sale, according to analysts.All options -- including selling the business, spinning it off, trading it or keeping it -- are still on the table, said the sources, who declined to be identified as the matter is private.A spokesman for Reckitt Benckiser declined to comment. Morgan Stanley was not immediately available to comment.Reckitt is shifting its focus toward its higher-growth consumer health business, which includes Durex condoms and Nurofen pain relief tablets. The company also owns Lysol and Dettol disinfectants and Cillit Bang cleaners.

Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 0.78% or $0.24/share to $31.13. In the past year, the shares have traded as low as $16.23 and as high as $30.78. On average, 13173400 shares of MS exchange hands on a given day and today's volume is recorded at 4654524.