British American Tobacco plans to sell up to $4.2bn stake in ITC this week, reducing debt and considering share buybacks.
British American Tobacco (BAT) is planning to sell a portion of its $4.2bn stake in Indian partner ITC, potentially as early as this week. BAT, the maker of Lucky Strike cigarettes, will sell around 436.9 million shares of ITC at a discount of up to 5% from its closing price. The sale aims to release and reallocate capital, allowing BAT to pay down debt and consider future share buybacks.
March 11, 2024
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