P.M. BRIEFING : BAT OKs Defensive Structuring
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LONDON — An overwhelming 99% of BAT Industries PLC’s shareholders today approved a major defensive restructuring planned by the British conglomerate, including the sale of all its U.S. retailing operations.
BAT’s plan is aimed at increasing shareholder value in an attempt to thwart a hostile all-paper $21-billion bid from an investor group led by Sir James Goldsmith.
The purchase would be the world’s second largest takeover after the $25-billion acquisition of RJR Nabisco Inc. completed earlier this year.
BAT is the world’s biggest tobacco company and has substantial operations in retailing--including the Saks Fifth Avenue and Marshall Field chains in the United States--paper and financial services.
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