Richemont's BAT Spin-Off Gets Shareholders' Nod

Posted to the web 9 October 2008 Thabang Mokopanele Johannesburg RICHEMONT, which is controlled by SA's Rupert family, is closer to completing its restructuring after its shareholders and Remgro shareholders gave it the green light to spin off its 10,7% stake in British American Tobacco (BAT) yesterday. In August, Remgro and Richemont announced plans to sell their combined 30,1% stake in BAT in a revamp prompted by tax changes. That move would make Richemont Europe's second-biggest luxury specialist. The spin-off would result in BAT listing separately on the JSE and make it one of the largest local listings. The first phase of the restructuring was expected to be effected on October 20. Imara SP Reid analyst Warwick Lucas said along with the announcement in August that Richemont would distribute 90% of its holding in BAT,... [read full story]