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British American Tobacco PLC (BATS.L)

BATS.L on London Stock Exchange

26 May 2017
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Latest Key Developments (Source: Significant Developments)

BAT says U.S. antitrust condition satisfied for Reynolds buy
Thursday, 9 Mar 2017 07:00am EST 

British American Tobacco : Proposed Acquisition Of Reynolds – U.S. Antitrust Condition Satisfied . continue to expect transaction to close during q3 of 2017 .filing process to obtain antitrust clearance from Japanese authorities is underway.  Full Article

BAT full-year revenue rises
Thursday, 23 Feb 2017 02:00am EST 

British American Tobacco Plc : Preliminary announcement for the year ended 31 December 2016 . FY revenue 14,751 mln stg vs 14,008 mln stg year earlier . FY adjusted profit from operations. 5,480 mln stg versus 5,197 mln stg year earlier . FY group's cigarette market share1 in its key markets2 continued to grow very strongly, up 50 basis points (bps) . FY group cigarette volume grew 0.2 pct to 665 billion . FY total tobacco volume was 0.1 pct higher than 2015 . FY group revenue was up 12.6 pct at current rates . FY adjusted diluted earnings per share, at current rates, was up 18.8 pct at 247.5 pence . Board has recommended a final dividend of 118.1p, to be paid on 4 May 2017 . In 2016, group experienced significant hedge ineffectiveness on its external swaps, driven by market volatility following referendum regarding "Brexit" .Are investigating, through external legal advisors, allegations of misconduct and are liaising with serious fraud office and other relevant authorities.  Full Article

ACCC to deny authorisation to tobacco companies
Wednesday, 14 Dec 2016 09:28pm EST 

Australian Competition and Consumer Commission: To deny authorisation to tobacco companies to jointly stop supply to retailers or wholesalers they believe are supplying illicit tobacco . Identifies British American Tobacco, Imperial Tobacco, and Philip Morris as the tobacco companies .Expects to release its final decision in February 2017.  Full Article

BAT preparing to raise offer for Reynolds American in next few days - sources
Monday, 5 Dec 2016 08:53am EST 

: BAT is preparing to raise its offer for Reynolds American in the next few days - sources ((bangalore.newsroom@thomsonreuters.com;)).  Full Article

Reynolds American board forms committee to evaluate proposal from British American Tobacco
Monday, 31 Oct 2016 04:49pm EDT 

British American Tobacco Plc : Reynolds American Inc - board forms transaction committee to evaluate proposal from British American Tobacco . Reynolds American Inc - in light of the evaluation of BAT’s proposal, RAI has cancelled its investor day scheduled for Nov. 14, 2016. . Reynolds American-committee retained Weil, Gotshal & Manges Llp and Moore & Van Allen Pllc as legal counsel, Goldman, Sachs & Co. as financial advisor .Reynolds American-in addition, RAI has retained Jones Day as legal counsel and J.P. Morgan Securities Llc and Lazard as financial advisors.  Full Article

BAT to appoint new director for Western Europe
Wednesday, 26 Oct 2016 02:00am EDT 

British American Tobacco Plc : Tadeu Marroco, currently director business development, will be appointed as regional director Western Europe, with effect from Dec.1 2016 . Naresh Sethi, currently regional director Western Europe, will be appointed to role of director business development with effect from Dec.1 2016. .Naresh Sethi, currently regional director Western Europe, will be appointed to role of director business development with effect from Dec.1 2016.  Full Article

British American Tobacco PLC - Members of US Congress call for investigation into tobacco giant - Independent
Saturday, 6 Feb 2016 10:08pm EST 

British American Tobacco PLC:Members of the US Congress have called for a Department of Justice investigation into tobacco giant British American Tobacco following allegations the company bribed officials and politicians in Africa to undermine UN health campaigns and put rival cigarette-makers out of business - Independent.How 'The IoS' broke the story about the bribery allegations in December.Eight congressmen – from both the Senate and the House of Representatives – have made a complaint about BAT, Britain's fifth biggest company, calling for an investigation into whether it has violated the US Foreign Corrupt Practices Act.The bribery allegations, first revealed by The Independent on Sunday and the BBC, are in a dossier of claims passed to the UK's Serious Fraud Office by Paul Hopkins, a BAT whistleblower who worked in Africa for BAT for 13 years.Experts described Mr Hopkins as the most significant whistleblower from the industry since Jeffrey Wigand, subject of the Oscar-nominated film The Insider, starring Russell Crowe.  Full Article

British American Tobacco PLC - Big Tobacco faces blow as top court adviser backs EU law - Reuters
Wednesday, 23 Dec 2015 02:00am EST 

British American Tobacco PLC:An adviser to Europe's highest court said an EU law on cigarettes was valid, rebuffing a challenge from Philip Morris International PM.N and British American Tobacco BATS.L, though the court still has to deliver a final ruling - RTRS.The opinion, if adopted by the court in Luxembourg, would be a blow to Big Tobacco companies, which had lobbied vigorously against what was seen as some of the world's strictest anti-tobacco legislation. - RTRS.In a majority of cases, opinions of the court advisers are reflected in the final ruling, which should follow in the coming months. - RTRS."(The advocate general) considers the EU tobacco directive of 2014 to be valid," the opinion published on Wednesday said. - RTRS."The EU legislature did not exceed the considerable latitude to be given to it in ensuring that tobacco and related products may be placed on the market under uniform conditions throughout the EU without losing sight of the fundamental objective of a high level of health protection." - RTRS.The EU Tobacco Products Directive (TPD) was adopted in May 2014 and comes into force next year. Key provisions include the standardisation of packaging, a prohibition by 2020 on menthol cigarettes and special rules for e-cigarettes. - RTRS.The TPD requires health warnings that include discouraging images to cover 65 percent of tobacco packages. - RTRS.  Full Article

British American Tobacco PLC paid union to disrupt production at one of its chief rivals, whistleblower claims - Independent
Saturday, 19 Dec 2015 10:10pm EST 

British American Tobacco PLC:British American Tobacco (BAT) recruited and paid for a union to disrupt production at one of its chief rivals, according to a whistleblower. The union plan was part of a strategy to drive Mastermind Tobacco, an African rival, out of business - Independent.The clandestine plot is revealed in internal BAT documents disclosed by whistleblower Paul Hopkins, who worked for the tobacco giant in Africa for 13 years. - Independent.The strategy also involved bribing Kenyan tax officials to disclose its rival's confidential tax dealings, paying company officials to disclose vital corporate secrets, and offering cash to port officials to "lose" or impound its rival's export shipments and supplies of raw materials - Independent.Under the scheme, BAT recruited "vocal employees from various departments such as marketing, leaf [tobacco], transport and factory" to be union reps. They were approached with "a handsome offer", the report said. - Independent.BAT budgeted 4.5 million Kenyan shillings (£30,000) for five union reps, it added. As the union reps might face violent opposition, the money "will be able to cater for risk including terminal benefits just in case", it said - Independent.The person recruited to organise the union was told the money was coming from an anti-tobacco campaign group. BAT also paid to officially register Mastermind workers with the Kenyan Commercial Food and Allied Workers Union - Independent.  Full Article

British American Tobacco PLC - Canada court orders tobacco companies to set aside almost C$1 bln - Reuters
Tuesday, 27 Oct 2015 08:44pm EDT 

British American Tobacco PLC:A Canadian appeal court on Tuesday ordered two major tobacco companies to set aside a combined C$984 million ($742 million) while they challenge billions of dollars in damages awarded to smokers in the province of Quebec - RTRS.The more than C$15 billion in damages awarded in June - RTRS.if upheld in an appeal of two class-action lawsuits, would compensate some 100,000 Quebec smokers and ex-smokers who allege the companies knew since the 1950s that their product was causing cancer and other illnesses and failed to warn consumers adequately - RTRS.Imperial Tobacco Canada Ltd - a subsidiary of British American Tobacco Plc BATS.L - must put aside C$758 million, and Rothmans, Benson & Hedges Inc - a subsidiary of Philip Morris International PM.N - must deposit C$226 million, the Quebec Court of Appeal said - RTRS.The court in July said that the two companies plus a third, Japan Tobacco Inc's JTI-Macdonald Corp, would not have to make preliminary deposits - RTRS.Launched in 1998, the class action was considered to be the largest civil case in Canadian history, marking the first time tobacco companies have gone to trial in a civil suit in the country - RTRS.The companies were ordered to set aside the deposits in six and seven quarterly payments stretching to mid-2017, while a hearing on the appeal is scheduled for the autumn of 2016 - RTRS.  Full Article

More From Around the Web

Fitch Maintains British American Tobacco on Rating Watch Negative

(The following statement was released by the rating agency) LONDON/MILAN, April 26 (Fitch) Fitch Ratings has maintained British American Tobacco plc's (BAT) Long-Term Issuer Default Rating (IDR) and senior unsecured ratings of 'A-' as well as its Short-Term IDR of 'F2' on Rating Watch Negative (RWN). A full list of rating actions is shown at the end of this commentary The ratings remain on RWN pending the completion of the agreed proposal by BAT's board to merge with its 42% owned associate Reyn