LONDON (Reuters) - British consumer goods group Reckitt Benckiser Group (RB.L) is working with Morgan Stanley (MS.N) on the sale of its food business, which could fetch roughly $3 billion, sources familiar with the matter told Reuters on Thursday.
The process will kick off soon, said the sources, who declined to be identified, as the matter is private.
Reckitt, which confirmed earlier this month that it was exploring options for the business, declined to comment, as did Morgan Stanley.
Reckitt is expected to use proceeds of the sale, which includes French’s mustard and Frank’s RedHot sauce, to pay down debt following its $16.6 billion purchase of Mead Johnson MJN.N.
Reporting by Martinne Geller. Editing by Jane Merriman