BAT in Biggest Gain Since 2020 on Plan to Sell Stake in ITC
- Disposal would be ‘a big positive,’ according to RBC analysts
- BAT also lifts writedown on US cigarette brands to £27 billion
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British American Tobacco Plc’s shares rose the most in nearly four years after it said it was trying to overcome regulatory hurdles to sell at least part of its stake in Indian company ITC, valued at more than £14 billion ($17.7 billion).
BAT has “been actively working for some time on completing the regulatory process required to give us the flexibility to monetise some of our shareholding,” it said in full-year results, released Thursday.