Reckitt Benckiser said to be working with MS on sale of food business

Consumer goods maker Reckitt Benckiser is reportedly working with Morgan Stanley on the sale of its food business.

Reuters cited sources familiar with the matter as saying that a deal could fetch around $3bn and it was understood that the process will begin soon.

Reckitt, which makes Cillit Bang and Dettol, confirmed earlier this month that it was exploring options for the business.

On 3 April, the company issued a statement in response to press speculation, saying that it was beginning a strategic review of the food business.

"French's Food is a truly fantastic business with great brands, people and a history of outperformance. It is nevertheless non core to RB. We have therefore decided to initiate a strategic review of Food where we will explore all options for this great business."

At 1253 BST, the shares were up 0.9% to 7,465p.