Changes to the roles of Executive Directors who serve on the Board of Richemont
23 MAR 2001
Richemont and Rothmans International announce that negotiations are at an advanced stage
Richemont and Rothmans International announce that negotiations are at an advanced stage for a transaction which may lead to an offer being made for all the outstanding units of Rothmans International at 625p per unit. Rothmans International is 61 per cent owned by Richemont. Implementation of the envisaged transaction would result in Rothmans International becoming indirectly wholly owned by Richemont.
A committee of the Board comprising independent directors of Rothmans International, chaired by Mr John Craven, is considering the proposal on behalf of Rothmans International.
It is not intended, following any such transaction, that Rothmans International should offer to acquire the minority interests in its quoted subsidiaries, these being: Rothmans Holdings Limited in Australia, Rothmans Industries Limited in Singapore, Rothmans of Pall Mall (Malaysia) Berhad and Rothmans Inc. in Canada.
Similarly, it is not intended, following any such transaction, that Richemont should offer to acquire the minority public interests in Vendôme Luxury Group.
The independent directors of Rothmans International (being all the Rothmans International directors, excluding Lord Swaythling, Johann Rupert and Jan du Plessis, who are all directors of Richemont) are being advised by N M Rothschild & Sons Limited and Richemont is being advised by Hambros Bank Limited.
A further announcement will be made as soon as possible.