BAT Begins Reshaping: London-based BAT Industries PLC,...
From Times Staff and Wire Reports
BAT Begins Reshaping: London-based BAT Industries PLC, which has been the takeover target of a group led by Sir James Goldsmith, agreed to terms for sale of its 69% stake in VGI, which makes analytical instruments. The sale will be the first step in a shareholder-approved restructuring aimed at focusing BAT’s businesses on tobacco and financial services, including its Los Angeles-based Farmers Group insurance holding company. Goldsmith supports the divestment but would strip BAT of financial services as well, including a sale of Farmers to Axa-Midi Assurances SA of France.
