(Alliance News) - British American Tobacco PLC's chief executive has dubbed the idea of a listing move to New York from London as a "distraction", the Financial Times reported on Sunday.
Tadeu Marroco is "not sure the benefit would be as evident as some suggest", the FT reported.
"I don't think that in this period of time, we should be focused on this," Marroco said.
The chief investment officer of GQG Partners last year pressured the Dunhill and Kent owner to move its primary listing to New York, the FT noted. Rajiv Jain at the time noted Marlboro maker Philip Morris International Inc traded at a chunkier earnings multiple.
https://www.ft.com/content/41e36f79-1258-4244-904c-1fed0c0841d3?segmentId=bf7fa2fd-67ee-cdfa-8261-b2a3edbdf916
BAT shares fell 1.7% to 2,340.50 pence each in London on Friday. It has a market capitalisation of GBP52.34 billion.
Philip Morris International Inc has a USD146.35 billion market value.
By Eric Cunha, Alliance News news editor
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British American Tobacco (BATS)