British American Tobacco Holder Sells £1.2 Billion Stake
- Shares of the tobacco company fell as much as 2.9% on Tuesday
- Reinet sold 43.3 million shares of BAT for £28.20 per share
Reinet Investments SCA agreed to sell its 2% stake in British American Tobacco Plc for £1.22 billion ($1.49 billion), exiting its long-running position in the company.
BAT shares slumped as much as 2.9% on Tuesday for its sharpest intraday drop since October. Reinet said its offering of about 43.3 million shares in the London-listed group via JPMorgan Chase & Co. priced at £28.20 per share, marking a 3.9% discount to the prior closing level.