Richemont SA and Remgro investors backed a plan to spin off their British American Tobacco (BAT) stake.

Compagnie Financiere Richemont, the world's second-biggest luxury- goods maker will separate to create a pure luxury business and an investment unit called Reinet. Remgro Limited, an investment holding company, has an indirect shareholding in British American Tobacco through a joint venture vehicle, R&R Holdings SA, a Luxembourg “1929”holding company.
Remgro and Richemont had said in August they would spin off their combined stake in BAT under a revamp prompted by tax changes. (pi)