LONDON – Tobacco supplier Imperial Brands PLC (IMB.LN) Wednesday announced plans to cut its stake in Southern Europe-focused distribution company Compania de Distribucion Integral Logista Holdings S.A. (LOG.MC) to 60% from 70%.
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The London-listed maker of Gauloises cigarettes said it will place up to 13.3 million shares in Madrid-listed Logista, or 10% of the company, and use the proceeds to return cash to shareholders through share buybacks worth up to 160 million pounds ($206.4 million).
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(END) Dow Jones Newswires
September 06, 2017 13:17 ET (17:17 GMT)