Jump to full article: The Guardian (uk), 2008-10-21
Intro: Tobacco group BAT has ended as the day's biggest FTSE 100 faller, following the spin off of a 30% stake in the company previously held by Swiss luxury group Richemont and South Africa's Remgro.
The bulk of the shares - around 90% - will be distributed to Richemont and Remgro shareholders at the beginning of November, and the rest will be held in a new investment vehicle called Reinet, which began trading for the first time today.
There have been concerns about the effect on BAT if the new holders of the shares decide to sell them in the market, while Reinet could well want to diversify its assets at some future point.
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