Slaughter and May advised Reinet Investments SCA (“Reinet”) on the sale of over 43 million shares in British American Tobacco plc (“BAT”), representing nearly 2% of BAT’s issued share capital, raising gross proceeds of approximately £1.22 billion. The block trade was carried out via an aftermarket accelerated bookbuild secondary placing. Following completion of the sale, Reinet will have fully exited its position in BAT.
Reinet is an investment vehicle listed on the Luxembourg Stock Exchange, Euronext Amsterdam and the Johannesburg Stock Exchange. Reinet’s shareholding in BAT originated from the all-share merger between Rothmans International (then majority owned by Compagnie Financière Richemont (“Richemont”)) and BAT in 1999. Reinet was established and listed in October 2008 following a reorganisation of Richemont’s interests, with Richemont becoming a focused luxury goods group and Reinet becoming an investment vehicle retaining BAT shares and other equity interests. Slaughter and May also advised on both transactions in 1999 and 2008.
Slaughter and May worked closely on the block trade with Caroline Apostol, Reinet’s General Counsel and Company Secretary.