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British American Tobacco looks to raise $2.5 billion by trimming 4% stake in ITC, ropes in Wall St banks, ET Retail

British American Tobacco: BAT has 29.03% holding in the cigarette-to-chips conglomerate, as per December 2023 disclosures. Based on Monday’s closing price, BAT’s shareholding is valued at Rs 1.47 lakh crore ($17.75 billion). ITC’s total market capitalisation amounted to Rs 5.07 lakh crore ($61.17 billion). BAT sells cigarettes under brands such as Dunhill, Kent and Lucky Strike. The value unlocking could potentially help it prune leverage and resume a share buyback programme to enhance shareholder value. It launched the 2 billion buyback in 2022, but didn’t renew it last year. ....

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Philippines Technology News Blog Website, Sharing Specs and Beyond to Help Build a Tech-Informed, Tech-Empowered Nation, Crafted from the Social Media Capital of the World ....

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