Compagnie Financière Richemont S.A. - Restructuring of Richemont and distribution of interest in British American Tobacco

List of all recent work 

Slaughter and May, as an integrated team on this matter with Elvinger Hoss & Prussen, Lenz & Staehelin and Hofmeyrs, advised Richemont on its restructuring which will see Richemont separated into two separate groups; a focused luxury goods group under Compagnie Financière Richemont headquartered in Geneva and listed on SWX Swiss Exchange and a Luxembourg investment vehicle listed on the Luxembourg Stock Exchange, to be called Reinet Investments S.C.A. (Reinet). At the same time the existing Richemont depositary receipts, which are listed on the Johannesburg Stock Exchange, will be split into CFR depositary receipts and Reinet depositary receipts which will both be listed on the Johannesburg Stock Exchange.

Following this restructuring, 90 per cent. of Richemont's interest in British American Tobacco plc (BAT), being some 351 million shares representing 17.5 per cent. of the ordinary capital of BAT, will be distributed to Reinet shareholders; the other 10 per cent. of the BAT shares (some 39 million shares), being 1.9 per cent of the ordinary capital of BAT, will be retained in Reinet.  This distribution will be followed by a rights offering by Reinet whereby shareholders will subscribe for Reinet shares using BAT shares.

These proposals were announced on 8 August, 2008.

Oliver Wareham (partner), Rob Innes (associate), Ben Walker (associate); Tax: William Watson (partner), Sara Luder (partner), Sara Stewart (associate)

Elvinger Hoss & Prussen: Yves Prussen (partner), Sophie Laguesse (partner)

Lenz & Staehelin: Jacques Iffland (partner); Tax: Jean-Blaise Eckert (partner)

Hofmeyr Herbstein & Gihwala Inc: Johan Latsky (partner)