British American Tobacco Holder Sells £1.2 Billion Stake (2)

Reinet Investments SCA agreed to sell its 2% stake in British American Tobacco Plc for £1.22 billion ($1.49 billion), exiting its long-running position in the company.

BAT shares slumped as much as 2.9% on Tuesday for its sharpest intraday drop since October. Reinet said its offering of about 43.3 million shares in the London-listed group via JPMorgan Chase & Co. priced at £28.20 per share, marking a 3.9% discount to the prior closing level.

“A plan by BAT long-term shareholder Reinet to sell its 2% holding in a share placing shouldn’t affect the tobacco company’s commitment to delivering a £900 ...