BAT investors take smaller stake in giant
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BAT shareholders will have only 43 per cent of Zurich Financial Services group (ZFS) the pounds 22bn financial services giant to be formed by merging BAT's financial services businesses Eagle Star and Allied Dunbar, Threadneedle Asset Management and Farmers, the US-based insurer with Swiss- based Zurich Insurance, not the 45 per cent stated when the merger was first announced in October. The adjustment reflects the improvement in Zurich's anticipated earnings since that date, a joint statement from the two companies said yesterday.
"We believe these definitive terms offer excellent value for shareholders," BAT Industries chairman, Lord Cairns said. Other details including the arrangements for joint control remain the same. The deal is subject to regulatory consent and shareholder approval and is not likely to become final until the second half of 1998. but the terms are now binding and will not be subject to further adjustment. ZFS will be one of the largest insurance and asset management groups in the world with gross premium income of $40bn, assets under management of $342bn and 68,000 employees.
BAT shares fell 7.5p to 533.5p yesterday.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments