Key Points
British American Tobacco Plc, the maker of Lucky Strike cigarettes, is preparing to kick off a sale of part of its stake in Indian partner ITC Ltd. as soon as this week, people with knowledge of the matter said.. London-listed BAT has been speaking with Bank of America Corp. and Citigroup Inc. about a potential divestment of around $2 billion to $3 billion in ITC stock through block trades, the people said...
Details of the transaction could still change, and the launch of the offering may spill into next week depending on market conditions, the people said, asking not to be identified because the information is private...
ITC, an Indian conglomerate that gets a large portion of its revenue from cigarettes, also runs a variety of other businesses including food products and packaging..
