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BAT's ITC sale could happen this week (bbg reports)

CONSUMER STAPLES

BAT SAID PLANNING TO SELL ABOUT $2B-$3B OF ITC IN BLOCK TRADES

  • Sale itself not news. Mgmt has mentioned reducing ITC stake from 29% to 25% in past earnings calls - regulatory issues (in India) have made timing uncertain.
  • BAT is already close to target leverage...excess cash could spur a restart of buybacks later this year.

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