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Rentokil's largest shareholder Invesco looks to slash stake

Reuters - UK Focus

LONDON, Oct (KOSDAQ: 039200.KQ - news) 30 (Reuters) - Rentokil's largest shareholder Invesco Perpetual is looking to sell 217 million pounds ($348.85 million) worth of shares in the British pest control firm.

Deutsche Bank (LSE: 0H7D.L - news) said on Wednesday it had been hired by Invesco (NYSE: IVZ - news) to help sell 194 million of its 454 million shares, which would see the fund manager reduce its holding from 25 percent to around 14 percent.

The shares being sold are worth around 217 million pounds based on the company's closing share price on Wednesday of 112 pence.

Rentokil is one of a number of stocks favoured by Invesco's outgoing star fund manager Neil Woodford, who announced he was leaving the firm just a few weeks ago.

Shares in Rentokil, which replaced its chief executive earlier this month, closed 0.53 percent down on Wednesday.