British American Tobacco finalizes Russia exit with sale to local managers
Publishing timestamp: 2023-09-07 14:01:32
Summary
British American Tobacco has finalized its exit from Russia and Belarus, selling its businesses in compliance with local and international laws. The financial terms of the deal were not disclosed, but the transaction is expected to be completed within a month. BAT will no longer have a presence in Russia or Belarus and will receive no financial gain from ongoing sales in these markets. Other global tobacco giants are still doing business in Russia. The buyer of BAT's businesses is a consortium led by members of BAT Russia's management team, and the employment of workers in Russia will remain comparable to their existing terms for at least two years after the deal closes.
Sentiment: NEUTRAL
Tickers: BATS-GB, PM, 2914.T-JP, BTI,
Keywords: russia, business news, philip morris international inc, ukraine, retail industry, business, breaking news: business, japan tobacco inc, health care industry, british american tobacco plc,
Source: https://www.cnbc.com/2023/09/07/british-american-tobacco-finalizes-russia-exit.html