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Rupert Family Companies Will Spin Off 27% BAT Stake (Update2)  

Jump to full article: Bloomberg News, 2008-08-08
Author: Thomas Mulier

Intro:

Cie. Financiere Richemont SA and another company controlled by South Africa's billionaire Rupert family will spin off a 27 percent stake in British American Tobacco Plc to avoid taxes.

BAT fell 2 percent in London trading, cutting the holding's value to 9.96 billion pounds ($19.1 billion). Richemont, which will split into two companies as part of the transaction, rose 3.3 percent in Zurich. Remgro Ltd., which the Ruperts also control, added 4.3 percent in Johannesburg. The spinoff will take place Nov. 3.

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