By  on August 11, 2008

LONDON — Compagnie Financière Richemont SA, parent of luxury goods companies including Cartier, Chloé and Van Cleef & Arpels, said it would proceed with its plan to create two separate businesses — a luxury goods business and an investment vehicle listed on the Luxembourg Stock Exchange.

The move means 90 percent of Richemont’s 19 percent stake in British American Tobacco will be distributed to Richemont’s shareholders as warrants for shares in a new investment vehicle called Reinet. The company’s remaining shares in BAT will be held by Reinet, with Johann Rupert as chairman of the company, which will be controlled by Rupert family interests.

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