Herbert Smith lands £13bn tobacco restructuring
Herbert Smith has won the lead role on the £13bn restructuring of its long-time client British American Tobacco (BAT). The proposed restructuring, along with a related secondary listing on the Johannesburg Stock Exchange, has been requested by luxury goods company Richemont and investment group Remgro. Between them, the two companies hold around 30% of stock in BAT.
August 13, 2008 at 11:50 AM
2 minute read
Herbert Smith has won the lead role on the £13bn restructuring of its long-time client British American Tobacco (BAT).
The proposed restructuring, along with a related secondary listing on the Johannesburg Stock Exchange, has been requested by luxury goods company Richemont and investment group Remgro. Between them, the two companies hold around 30% of stock in BAT.
The team from Herbert Smith was headed up by corporate partners James Palmer and Will Pearce. BAT was also advised by South Africans firms Werksmans and Edward Nathan Sonnenbergs on local law.
A team from Slaughter and May led by corporate partner Oliver Wareham advised both Richemont and Remgro with South African firm Hofmeyr also landing a role.
Will Pearce comments: "This is an extremely interesting transaction involving a complex shareholder restructuring and a relatively rare secondary listing in South Africa.
"BAT will gain a broader shareholding base of both institutional and private shareholders and, as a result of increased liquidity in its shares, also expects to increase its FTSE 100 Index weighting from 75% to 100%."
BAT expects that the listing will take place by the end of October, subject to the two companies gaining approval for their proposals.
They propose to distribute 90% of their holding to their respective shareholders and the remaining 10% is to go into Reinet, a Luxembourg-based investment vehicle.
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