British American Tobacco rebuffs shareholder calls to quit London for New York - reports

'Very simplistic' view

Valeria Martinez
clock • 2 min read

British American Tobacco is resisting shareholder pressure to move its primary listing from London to New York, with its new CEO stating relocating was “not a top priority” and a “very simplistic" view.

In March this year, BAT's fifth-largest shareholder urged the company to move its primary listing from London to New York. In an interview with the FT, Rajiv Jain, founder of GQG Partners, a $92bn US-based investment firm, said it "makes no sense" for the FTSE 100 company to remain on the UK stock market and that it had asked its owner to quit London. The investor questioned the company's UK listing, pointing to the US-centric nature of the cigarette maker's business and the valuation gap between the company and its US-listed competitor Philip Morris International, where GQG is a top-...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Companies

JP Morgan's Jamie Dimon: 'Proxy advisers have undue influence'

JP Morgan's Jamie Dimon: 'Proxy advisers have undue influence'

Annual letter to shareholders

Cristian Angeloni
clock 09 April 2024 • 3 min read
Impax AM suffers £1.7bn outflows in Q1 as European private wealth pulls back

Impax AM suffers £1.7bn outflows in Q1 as European private wealth pulls back

Outflows offset by performance gains

Valeria Martinez
clock 09 April 2024 • 1 min read
Schroders eyes sale of its own bond for £250m

Schroders eyes sale of its own bond for £250m

Tier 2 capital

Cristian Angeloni
clock 09 April 2024 • 1 min read
Trustpilot