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...
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.
Richemont said it stands to collect "a little bit" more money by selling warrants now. "The warrant issue effectively crystallizes the proceeds to be received in 2004," the statement said. The offering for the warrants will close Jan. 23, 2003. R&R also has the option to sell its preference shares to BAT for the same price in June 2004. R&R will receive approximately $1.3 billion from the sale to warrant holders or BAT in 2004. Richemont’s share of the proceeds will be approximately $850 million, translating into an extraordinary gain of $303 million.
Richemont’s common and preferred shares currently represent about 31.5 percent of the issue share capital of BAT.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion