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BAT gets approval to squeeze out minorities in Serbian subsidiary

Author Radomir Ralev
BAT gets approval to squeeze out minorities in Serbian subsidiary BAT Vranje Factory. Author: BAT. License: All rights reserved.

BELGRADE (Serbia), December 7 (SeeNews) - Serbia's British American Tobacco Vranje [BEL:DIVR] said it gave the go-ahead to British American Tobacco (BAT) to squeeze out minority shareholders. 

The general assembly of British American Tobacco Vranje decided to adopt BAT's squeeze-out plan at a session on November 27, the company said in a filing to the Belgrade Stock Exchange on Thursday.

BAT currently holds a 98.1552% stake in the share capital of its Serbian subsidiary.

All British American Tobacco Vranje shares which are not held by the main shareholder, i.e. 7,530 units, shall be transferred to BAT against payment of a monetary compensation of 1,020 dinars ($9.8/8.6 euro) apiece, British American Tobacco Vranje said.

In September, BAT said it completed a buyout bid for the 11.82% stake in its Serbian subsidiary it did not already own. BAT offered 1,020 dinars per share for the 105,641 shares it did not own in British American TobaccoVranje.

In April, BAT bought 702 shares in the Serbia-based company for 1,000 dinars per share during a takeover bid, increasing its stake to 88.18%.

(1 euro = 118.320 dinars)