LONDON — Swiss luxury goods group Compagnie Financière Richemont AG plans to sell its preferred shares in British American Tobacco, a transaction that will result in an exceptional gain of about $303 million during the fiscal year that ends March 31.

The company said in a statement Wednesday that its R&R Holdings SA subsidiary will sell its 120.9 million BAT preference, or preferred, shares through a warrant offer at approximately $10.50 a share in May 2004. R&R will, however, hold onto its 604.3 million common shares of BAT.

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