Richemont chairman says won't sell BAT stake

Martin Gelnar, Dow Jones Newswires, 5 June 2003

Johann Rupert, chairman of Switzerland-based luxury goods company Compagnie Financiere Richemont AG , said Thursday he has no intention of selling the company's 18.6% stake in British American Tobacco Plc.

"Every investment banker in the world has ideas like (selling the BAT stake), but we're not selling," Rupert told Dow Jones Newswires in a telephone intereview.

Richemont's stake in BAT now stands at 18.6%, down from 21% a year ago. BAT is the company's profit driver, accounting for EUR486 million of Richemont's full- year net profit of EUR642 for the financial year ended March 31, 2003, reported earlier Thursday.