Latest news with #ScottMurdoch
Yahoo
4 days ago
- Business
- Yahoo
British American Tobacco sells $1.5 billion stake in India's ITC via block deal
By Scott Murdoch (Reuters) -British American Tobacco has sold a $1.5 billion stake in Indian consumer goods company ITC at 413 Indian rupees per share, according to a term sheet seen by Reuters. The company sold 313 million shares in ITC, representing 2.5% of ITC, according to the term sheet. This final amount exceeded its initial plan to sell up to 290 million shares in the deal, valued at approximately $1.4 billion. The final sale price represented a 4.8% discount to ITC's closing price of 433.90 rupees on Tuesday. Shares of ITC dropped nearly 3% to 421.70 rupees on Wednesday. The stock was the top loser on both Nifty 50 and the FMCG index. BAT will remain ITC's largest shareholder after the deal, according to LSEG data. Goldman Sachs and Citigroup led the deal, the term sheet showed. The deal is the second major block trade in India this week after IndiGo co-founder Rakesh Gangwal sold a 5.7% stake in the low-cost carrier worth $1.36 billion. BAT said it would increase its 2025 1.1 billion pounds ($1.49 billion) share buyback programme by 200 million pounds as a result of the deal, which is not expected to have any other impact on its annual outlook. The London-listed cigarette maker had last year sold 436.9 million shares, or roughly 3.5% of ITC's outstanding shares, for about $2 billion in what was India's third-largest block deal ever. The British firm in February forecast 1% growth in its annual revenue, citing tax headwinds in key markets such as Bangladesh and Australia. ($1 = 0.7401 pounds) Sign in to access your portfolio
Time of India
5 days ago
- Business
- Time of India
British American Tobacco sells $1.5 billion stake in India's ITC via block deal
HighlightsBritish American Tobacco sold a $1.5 billion stake in Indian consumer goods company ITC at 413 Indian rupees per share, exceeding its initial plan to sell up to 290 million shares. The sale of 313 million shares in ITC represented 2.5% of the company, with ITC's stock dropping nearly 3% to 421.70 rupees following the announcement. British American Tobacco plans to increase its 2025 share buyback program by 200 million pounds as a result of the deal, while remaining ITC's largest shareholder. By Scott Murdoch - British American Tobacco has sold a $1.5 billion stake in Indian consumer goods company ITC at 413 Indian rupees per share, according to a term sheet seen by Reuters. The company sold 313 million shares in ITC, representing 2.5% of ITC, according to the term sheet. This final amount exceeded its initial plan to sell up to 290 million shares in the deal, valued at approximately $1.4 billion. The final sale price represented a 4.8% discount to ITC's closing price of 433.90 rupees on Tuesday. Shares of ITC dropped nearly 3% to 421.70 rupees on Wednesday. The stock was the top loser on both Nifty 50 and the FMCG index. BAT will remain ITC's largest shareholder after the deal, according to LSEG data. Goldman Sachs and Citigroup led the deal, the term sheet showed. The deal is the second major block trade in India this week after IndiGo co-founder Rakesh Gangwal sold a 5.7% stake in the low-cost carrier worth $1.36 billion. BAT said it would increase its 2025 1.1 billion pounds ($1.49 billion) share buyback programme by 200 million pounds as a result of the deal, which is not expected to have any other impact on its annual outlook. The London-listed cigarette maker had last year sold 436.9 million shares, or roughly 3.5% of ITC's outstanding shares, for about $2 billion in what was India's third-largest block deal ever. The British firm in February forecast 1% growth in its annual revenue, citing tax headwinds in key markets such as Bangladesh and Australia.
Yahoo
6 days ago
- Business
- Yahoo
British American Tobacco sells $1.5 billion stake in India's ITC via block deal
By Scott Murdoch (Reuters) -British American Tobacco has sold a $1.5 billion stake in Indian consumer goods company ITC at 413 Indian rupees per share, according to a term sheet seen by Reuters. The company sold 313 million shares in ITC, representing 2.5% of ITC, according to the term sheet. This final amount exceeded its initial plan to sell up to 290 million shares in the deal, valued at approximately $1.4 billion. The final sale price represented a 4.8% discount to ITC's closing price of 433.90 rupees on Tuesday. Shares of ITC dropped nearly 3% to 421.70 rupees on Wednesday. The stock was the top loser on both Nifty 50 and the FMCG index. BAT will remain ITC's largest shareholder after the deal, according to LSEG data. Goldman Sachs and Citigroup led the deal, the term sheet showed. The deal is the second major block trade in India this week after IndiGo co-founder Rakesh Gangwal sold a 5.7% stake in the low-cost carrier worth $1.36 billion. BAT said it would increase its 2025 1.1 billion pounds ($1.49 billion) share buyback programme by 200 million pounds as a result of the deal, which is not expected to have any other impact on its annual outlook. The London-listed cigarette maker had last year sold 436.9 million shares, or roughly 3.5% of ITC's outstanding shares, for about $2 billion in what was India's third-largest block deal ever. The British firm in February forecast 1% growth in its annual revenue, citing tax headwinds in key markets such as Bangladesh and Australia. ($1 = 0.7401 pounds) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
Shares of China's CATL open 12.5% higher in Hong Kong trading debut
By Scott Murdoch and Julie Zhu HONG KONG (Reuters) -Shares of China battery giant CATL opened 12.5% higher than the subscription price on Tuesday after the company raised $4.6 billion in its Hong Kong listing, the largest of its kind in the world this year. CATL shares started trading at HK$296 each in Hong Kong after the firm sold its shares at HK$263 apiece in the listing. Hong Kong's Hang Seng Index was up 0.3% in early trading. CATL, which is also listed in Shenzhen, sold 135.6 million shares in Hong Kong to raise $4.6 billion, which was the largest listing in the city since Midea Group raised the same amount last year. CATL's Shenzhen stock was down about 0.5% on Tuesday. The institutional tranche of the Hong Kong deal was oversubscribed 15.2 times, according to CATL's filings, while the retail portion was 151 times oversubscribed. "The Hong Kong stock listing means our wider integration into the global capital market and a new starting point for us to promote the global zero-carbon economy," CATL Founder and Chairman Robin Zeng said at a listing ceremony in Hong Kong. CATL had aimed to raise about $4 billion in the listing but increased the size of the deal following the strong demand from investors. A further 17.7 million can be sold as part of a so-called "green shoe option" that would take the size of CATL's raising to $5.3 billion. At that size, it would be the largest listing in Hong Kong since Kuaishou Technology raised $6.2 billion in 2021, according to LSEG data. CATL's bookbuild had been open for a day when the U.S. and China announced a brief truce in the trade war that had roiled global financial markets since early April. The U.S. will cut extra tariffs it imposed on Chinese imports last month from 145% to 30% for the next three months, the two sides said last week, while Chinese duties on U.S. imports will fall to 10% from 125%. The move created some extra momentum for CATL, whose bookbuild had been already covered with pre-commitment orders when the deal launched last Monday, according to two sources with direct knowledge of the bookbuilding process. The tariffs pause prompted some global long-only investors who had previously not bid for CATL stock in the Hong Kong listing to place orders, they added. CATL did not respond to a request for comment. CATL's net profit in the first three months of 2025 rose 32.9% year-on-year to 14 billion yuan ($1.91 billion), its fastest pace in nearly two years. It has been extending its lead in the electric vehicle battery market with a 38% share globally in 2024. That increased from 36% a year ago, according to data from SNE Research.
Yahoo
20-05-2025
- Business
- Yahoo
Share of China's CATL open 12.5% higher in Hong Kong trading debut
By Scott Murdoch and Donny Kwok HONG KONG (Reuters) -Shares of China battery giant CATL opened 12.5% higher than the subscription price on Tuesday after the company raised $4.6 billion in its Hong Kong listing, the largest of its kind in the world this year. CATL shares started trading at HK$296 each in Hong Kong after the firm sold its shares at HK$263 apiece in the listing. Hong Kong's Hang Seng Index was up 0.3% in early trading. CATL, which is also listed in Shenzhen, sold 135.6 million shares in Hong Kong to raise $4.6 billion, which was the largest listing in the city since Midea Group raised the same amount last year. The institutional tranche of the deal was oversubscribed 15.2 times, according to CATL's filings, while the retail portion was 151 times oversubscribed. CATL had aimed to raise about $4 billion in the listing but increased the size of the deal following the strong demand from investors. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
